1986 Oldsmobile Delta 88 Pressing gas, engine Revs, but car

Just 2 days ago I noticed that, while driving over 25 mph, the car doesn't always accelerate when pressing gas. The engine would rev, but that's it.

Removing my foot and re-stepping on the gas pedal makes the car accelerate again (in most cases.)

This does look like a transmission problem, but before shedding the dough on rebuilding it or a replacement, I wanted to make sure, and here's what I got.

1) About a week or so before this problem, the engine started stalling occasionally, sometimes quitting on me while driving (not just on idle, and one time on the freeway). I'm hoping these are symptoms of one problem.

2) The "service engine" light started flashing about two weeks ago, and yesterday I pulled out the obd1 codes (Thank you paper clip). Got a code 22, meaning "throttle positioning sensor" low.
I read that a faulty TPS would seriously affect a car's driveability (inluding hesitation, stalling, hard starting.) - I'm taking the multimeter to fully test the sensor now.

2) The transmission fluid was very very low when I checked it. I fixed that, but then if the filter itself is messed up, couldn't you get the same symptoms as a screwed transmission?

3) As far as I know, there are no vacuum leaks and O2 sensor is probably good (I didn't get a code for it in the diagnostic, but I could be wrong of course.)


So I'm hoping I could get any advice or points I've missed on this problem. Last thing I want is to replace the transmission, but if that's what it is, ain't nothing I can do about it!

I appreciate the help,

Cheers!