That sounds normal. If you are cruising in 4th, the TC is locked.
If you step on the gas a little bit, the TC should unlock but stay in 4th - this will give you a few hundred RPM jump.
If you step on the gas further, it will command a downshift to 3rd, which should give you a couple hundred more RPM, and depending on exact throttle position and load, it may command the TC to lock again. If a sensor that is detecting TP or Load (MAP, MAF) is on the edge of being good, it could cycle like you are seeing due to conditions changing enough due to the TC lock to prompt it to unlock again.
As you let off the gas it should unlock the TC, shift into 4th and then lock up the TC about 2 seconds later.
If this is only happening in 3rd under moderate load, I would watch the sensor outputs - especially TP at that throttle position, but it could be anything - even a mixture issue causing power to drop and the ECU to command the TC unlocked to get the RPM up and develop more power.
It could even be a vacuum leak related to engine movement.
It is true that at 240K miles, the transmission, if original, is probably on borrowed time - but that doesn't mean it is about to die.