Question on truck transmission

I have a 89 chevy 4X4 truck with a 350 & a 700R4 trans. I recently lost overdrive and drive after driving for approx. 1 hr. I let the truck sit for an hour and the trans opperated fine with the fluid cold. do i need to rebuild/replace the trans or can i just change the fluid and filter. The truck has 113,000 miles on it.

Sounds like limp mode.

I’m no tranny expert, but losing drive and overdrive at any point for any amount of time isn’t usually something that a fluid/filter change will correct. Is it doing this every time the fluid gets hot enough?

It only did it the one time then i pulled the pan and the fluid smelled burnt and was dis-colored (orange-ish not red)

Yikes. Burnt-smelling fluid means it’s overheating badly and is probably sustaining damage. I’d get it to a local transmission shop and see what they can do for you. Try to find an independent rather than a chain store.