Massey165 excuse me, I am from 1987 and I am most definitely not 48!
@Reubo drain the pan from the drain bolt, remove the pan, clean it all up, ideally you got a gasket/filter kit in which case replace the filter screen and the two gaskets associated with it also. Coat both sides of the pan gasket with the sealant then reinstall everything. The pan bolts do not need much torque - however much you think it needs, it needs less than that. Watch the gasket as you tighten them, the moment you see it starting to squeeze out sideways even a tiny bit, it's tight enough.
Edit: to remove the pan, you have to disconnect the dipstick tube. This will test your willpower. Do not flinch, do not think "maybe it's seized". The moment you have that thought, the transmission knows it has beaten you. The fitting is ludicrously tight. You'll want a spanner on both sides of it so you don't damage the pan. Make sure the spanners are on properly so you don't round it off. I use two large shifters for this fitting.
The pan should have a magnet inside it, make sure to clean it off too (if the magnet is missing, glue a new magnet on)
I really recommend using Permatex automatic transmission sealant (Permatex 81180) on the pan gasket. It's very easy to over-tighten the pan bolts and then the gasket bulges and it leaks, the sealant makes it much more forgiving.
To flush the ATF, once you're all done with the pan gasket, add new fluid to replace whatever came out when you dropped the pan.
After that, most people disconnect the upper transmission cooler hardline from the radiator, and put a clear tube over it with a hose clamp, then idle the car and let 1L of fluid drain out, then put 1L of fluid in through the dipstick tube. Rinse and repeat that process until the fluid coming out is red and not murky.
You go through quite a lot of fluid doing a flush, expect to use 8-12L.
And yes you really can't get a similar result any other way. The torque converter in particular holds a lot of fluid, and the only way to get the fluid out is to pump it out with the engine.
You can also get a mechanic to do this flush, they do it the same way (except they have a fancier machine that pumps fresh ATF in at the same time as the old fluid comes out).
Remember, 1L at a time! If you start to see air bubbles in the fluid coming out, turn the engine off and fill the pan up again.
I use Penrite ATF FS