Yes, its a band adjustment. However, since you have a 250 series truck, you
do not have a 904, which has different specs on band adjustment than the
A727 you have. Next, since the 904 requires tighter adjustment than your
727, (2 vs. 2.5 turns for the 727) its likely you've lost the apply strut,
or the band is no longer anchored properly. Pull the pan and the VB, and you
should see the problem fairly easily.