Torqueflites are tough but one surefire way to break a low/reverse band is to jump into reverse at too high idle. Don't do it. Select D to slow the motor down, then go to R.
Idle in neutral should be 600-700 rpm, 500 in gear?
Clunk is prob any of the above, especially the rear U joint, which is disastrous enough but can't polevault your car like the front one failing...
Round here, if I lose a U joint, it would be dropping down into the canyon, then I'd have a runaway load, jump out - if door opens - or kiss it goodbye in truck, either way the stuff of nightmares, those U joints are my life.
I worked at a driveline shop right out of school, this is in '91. We built them from scratch, but I sure got good at doing U joints, still have the Proto cross peen BFH in my toolbox but at 4lbs I rarely ever use it, or have to do a U joint. Once I get one squared away, Spicer with zerk in cap, I never have to do one again.