Tranny slip and leak....

[Z28]

Soo I was driving home last night on at around 55 in 4th gear the transmission started slipping pretty bad. I noticed its fine in all other gears as far as shifting, downshifting and during lockup. This only happens in 4th gear. Scared shitless, I turned the car off when I got home, let it cool down, took it out for a spin and same thing happened.

Today I let the car run and noticed the smell of tranny fluid and sure enough it was dripping out of a braided line with a ghetto hose clamp around it. Now I'm stuck with no 4th gear and I'm afraid to drive the car.

I'm thinking since the slip is already occurring, the damage has been done. I know fixing the leak wont fix the slip and I just can't afford to rebuild the transmission. What are my options and am I right in my assumptions? I'm sick of dealing with this shitbox LT1.