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If your A/T temp light came on it means your trans reached 140 C which is really hot for non-synthetic ATF.
Your high temp could well be the result of the slippage you mention and, if it has happened frequently, will contribute to seal failure.
Dropping the pan will tell you a few things.. If it's clean and very little material on the magnet then it was serviced not long ago. If it's sludgy and has a fair bit of metal on the magnet don't waste too much money getting it flushed because it needs to come out. There's no miracle cure..