Symtoms will be (cold tranny), it will shift from second directly into overdrive; regardless is you have OD cancelled out or not. Once the trans warms up to temp, it will shift normal. The sensor is located in the solenoid pack of the trans and its best/cheapest to replace the entire pack. To do that, you must drop the pan(thats the worst part) and remove about 12 bolts or so and remove the solenoid pack. And the solenoid pack is the first thing you see when you look up into the guts of the trans. not a big deal to replace it, and they are usually about $130.
Been there, done that!!
Have fun!!!!