I'm thinking it's a valve body problem or temporarily plugged oil passage. In a race car, a transmission brake applies reverse and forward at the same time to keep the output shaft from turning. Maybe something went haywire to cause the same sort of thing. It would also explain the "loss of power" as the engine would be working against the converter like you were bringing the RPM up to stall speed. I can't see the brakes or rear axle doing that, and then just as suddenly, curing themselves, although the loose pinion nut/shaft may have some legs. You'd think there would be a bad leak if that was the case though....