1989 Chevy Transmission Blown?

I have a 1989 Chevy K1500 that we use for plowing our driveway (and our friends borrow it every storm )

Today they borrowed it and somehow ended up going off the edge of the driveway and got stuck while I was at work. Now it won't go into reverse anymore. From what I've read online, it sounds like it will need a new transmission.

So I have 2 questions:

Does anyone think it could be something other than a total transmission replacement/rebuild?

How much would this cost? I saw a rebuild kit online for $300, but even though I used to be a mechanic, I've never done one of these, and it looks like a crapload of parts. Plus I don't have a garage, so it would have to be done in the driveway. I'm thinking not a good plan at all.

It sucks that the truck always breaks when they take it. Last time it was the transfer case actuator, which I did change in the driveway. I put helper springs in last summer as well. I'm thinking it may be time to scrap it.

 

Chances are the drive shell busted . This was very common for that year .When the drive shell breaks , you loose 2nd gear and reverse .
Very common on snow plows and for drivers not coming to a complete stop before selecting forward . There is a modification you can make called the " BEAST "
Its a hardened drive shell with a thicker spline . Far better than the factory shell .
Have a peek http://www.ebay.com/itm/700R4-700-4L60E-4L65E-DRIVE-SHELL-THE-BEAST-ALL-YEARS-/350161644578


To add , I could probably walk you through this repair with ease . I actually won a trip a couple years ago for assembling one of these transmissions with a blindfold on .
You need a new filter , pan gasket , pump seal , pump o-ring , and an outer accumulator seal to fix this . Call a transmission shop as they have these seals laying around on the cheap .




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Interesting. For $56 it sounds like a great deal.

This isn't sounding good for me though, with no lift:

 

Yes , it has to come out and apart but not fully apart . If everything else was working fine before you lost reverse , you have a good chance its just the drive shell . You can cheat the overhaul procedure by going into the transmission and just replacing that shell . Unfortunately , you will need to replace a couple oil seals to get at it . To verify the shell is broken , take if for a drive in forward and see if the transmission skips second gear and goes directly to 3rd . On the cheap you can fix this for about $100 bucks and about $300 if you take it into a trans shop .