I'm thinking more like a shot 4th gear input shaft in this transmission, i have heard loud chains when they are worn out but they didn't jump.
If the rest of the car is good you can do a quick and dirty rehash on these transmissions while they are in the car, replace the clutches and bands, do the 4th input, the valve body mods and a chain if necessary and keep steppin like nothing happened.
You cannot get to the pump, front seal or TC without removing it but for a few hundred it might be worth a shot. It takes 4-5 hours if you include coffee breaks.
Another alternative if you really want to keep this body would be to find a 2000-2003 drive train with ecm and low miles for cheap, there are loads of them out there even SC ones that will bolt right in, all you need is a higher volume fuel pump and radiator from a Bonnevile SC to make it work.
IMO if you like the body and its in good shape there is nothing wrong with repowering it, jesus if i tossed the car away for a bad drive train all 3 of my Grand Prix would be in the junkyard, i bought a mint body, suspension and interior with no drivetrain at all but its a rare 40th Anniversary model.