95 F-150 tranny (help!)

I dont know the internal workings of a transmission, but it sounds like something is obstrucing the flow, and not allowing fluid to drain back into the pan.
I would take it back apart and make sure the passages are not obstructed with the new filter.
If you are not framiliar with transmissions, it may be best to take it to the pros. I do know you need to fix this before you do major damage to an expensive part of the car.

My practice is I always pay the $100 for tranny services. So far Aamaco has never let me down.

Good luck, and let us know what the problem was.

That's pretty much standard, the fluid, when the car is off will show way up the stick, if your trans is nice and hot, keep adding fluid until it's at the right level, someone told me long time ago also that when the dipstick shows full, you know, in the cross=hatched area, to add another quart, all the info above was told to me by a trans guy, I did check the cold fluid on my Taurus, it is way up the stick.

I found this. It may help.
E4OD: W/4x2 15.7 qt (US)
W/4x4 16.2 qt (US)

It sounds to me like the second guy is probably correct. Just get it hot and fill it to the normal level. How much fluid came out? You should be able to tell the difference between 3 or 4 quarts and 3 gallons of fluid.
Think back to when you dropped the pan. Was it like pouring three quarts of oil, or like pouring three gallons of milk?