I had a charger long ago that had a sprag failure. It would not get any power out of D or 2, but would move normally in L and reverse. Sounds something like your problem, especially the reverse works part...mine never made any banging noises or locked up the output shaft though.
I think you may be at a point of pulling the transmission apart and finding the problem, and it should be obvious. The Monroe A-727 Torgueflite book is a good resource for working on these things.
I looked in that book for your symptoms, and here is what it said:
Dragging or Locking
1 kickdown band adjustment
2 low reverse band adjustment
3 front or rear clutch malfunction
4 broken planetary gears
5 overrunning clutch malfunction *(sprag)*
6 line pressure too low
7 valve body malfunction
8 sticking accumulator, broken accum ring or spring
#1 and #2 are things you can check without removing the transmission from the car, but the rest are internal. My bet is on #5..... good luck.