i did my own trans last year 1800$ is a great price. i spent more in tools and parts but i wanted to do it myself.
my car originally had a FMX (not the one that blew) somebody swapped it for a junkyard 1974 C6 from a station wagon.
i had that junk yard 74 c6 rebuilt in 2008 by the worst trans shop in NY, in 2015 it grenaded itself.
I got a 1973 mustang C6 from a fellow forum member and rebuilt it myself.
the issue with the FMX is no real aftermarket, basically you rebuilt it as it was and getting the parts is more difficult. so there really isn't any performance clutches and bands and steels designed for it.
for the C6 you have many options including modifications using late model parts.
or you can go the route of a modern trans.
nothing wrong with a FMX though, rebuilt they will take like 400 HP, plus if the trans is original to the car and you want to keep some value for resale then it will be the cheapest route to have it serviced.
you can also increase performance just installing a higher stall convertor during the trans rebuild.
for me i never had my cars original FMX it was long gone by the time i bought the car.
the 74 c6 it had was in Terrible internal shape and so it was junked and a correct floor shifter 73 mustang C6 was used as my core.
i got a 72 Q code C6 transmission from another member as well, and originally i was going to use it until i found the entire case was cracked from a previous car accident,, so i used the Lever and Servo from that transmission as it was much better.
I had some complaints about the Clutch and steel kits offered by raybestos and Alto which to a Novice made things much harder in the end i used raybestos and raybestos steels, RED Alto and kolene steel plates caused me clearance issues that required additional machining, i did use a wider RED Alto 2nd gear clutch band in my transmission....
you can go crazy on a transmission rebuild and spend like 10K in upgrades.
if the trans is internally in good shape very little mechanical damage then a rebuild will get you on the road again quickly.
now a trans shop can also diagnose if there really is a problem before they tear into it. they can install pressure gauges on the transmission using the diagnostic ports and they can see if the line pressure is low, they can also inspect the pan and fluid to see how much clutch material is there. and pull the valve body for testing and inspection all before the decision is made to tear the trans out completely.
for me once the trans failed it was obvious as if i put the car in 1st gear manually the rear end locked up and the engine would almost stall with the car going nowhere. and there was no more shifting or 3rd gear.
here you can see what failed in my trans
some of my saga
http://www.7173mustangs.com/thread-the-curse-of-the-blown-transmissions-strikes-again