I had the exact same problem 3 weeks ago on my 96 2wd. Had to let up off the gas in 1st to get it to shift from 1-2. My transmission guy thought it was an electrical problem at first due to his using an aftermarket OBD II DTC code scanner. Used a FORD NGS scan tool and it gave us all the correct codes, P0732, incorrect gear ratio, if you get this code it means you have a mechanical problem in the transmission and DTC code P0756 SSB, shift solenoid 2 inoperative, meaning an electrical problem with the solenoid or the wiring harness, or a hydraulic problem in the valve body, the final problem, which for me turned out to be a broken band discovered when we got the P0732 DTC code and when we dropped the valve body we discovered the band hanging loose/broken.
Get the ATSG service / rebuild manual for your trannie. Get the OBD II DTC codes read from the PCM hopefully using a FORD NGS scan tool and then go from there with the ATSG diagnosis procedure in the book based on your DTC codes that are read out.
I agree with Glacier, as it sounds like it could be a couple of things, especially with a rebuild 50,000 miles ago. Was it a major rebuild with all hard parts and seals replaced? What was done exactly? Was the valve body rebuilt/replaced? Who did the work? Yourself or a large transmission chain store, or a Pep Boys or an Aamco or a small local repair shop/mechanic or a local transmission shop? How many miles total on your truck?
Take the truck to a ATRA member transmission shop that works on these FORD trannies or the local Ford dealer to get the OBD II DTC codes. Then read the ATSG manual. Pretty easy.
Glacier991 has some great advice.
Good luck.