Yes, but it's not cheap to swap. Computer, extra wiring, possibly different transfer case, etc... Really, for a half ton suburban with a 5.7L, the 4L60E is just fine. Honestly, I've seen more 4L60E's in S-10 Blazer's with problems, behind a 4.3 V6, and since the late 80's (before becoming fully electronic) they've been the same as the V8 version. It's definately a problem with the band, but it COULD be something with the servo, which is servicable without reomving the trans, and the pan can even stay on. If this situation rolled into our shop, being a fairly fresh overhaul, I would start there, seeing that the fluid isn't burnt.