My transmission was dropping out of OD and acting strange. Now my Tach Sensor was well past the point of replacing - I drove a screw into the top to hold the wire in until I had time to pick one up -it worked. They aren't cheap either. Rock Auto has one for about $55.00 but never seems to have them in stock. My local Ford Truck Dealer, All State Ford had them in stock for about $65 so it was about a wash with shipping.
Put in and all was well driving to the UofL Football Game. Coming back was a different story - problems with the transmission again. Three speeds and under 45 mph makes for a long trip home even after a win.
So I searched the forum and learned that the brake light circuit is tied with this same circuit. Well my bus has a carrier on the back for the grill with a light bar I installed.
The trailer connect was added before I got it and well let's just say not very good (I can't remember the company that installed it - lot of "quick connect" wire splices).
I removed the bar and disconnected the harness. Drove The Bus without the lights for about 5 miles - no problems. Return trip with the lights on - no problems.
The shifting problem started around the same time when someone told me that my brake light on my carrier was out. I reconnect some of the wires and the brakes started working and now that I recall the shifting problems stopped too. Then it stopped working again this year and the transmission started acting up so I looked at the obvious, Tach Sensor which had issues.
So if you have "questionable wiring" with your truck, look at it. It sounds strange, but if it's grounding out or drawing too much voltage, it will affect your transmission.
Also here is a previous post with a lot of good info:
http://www.oilburners.net/forums/showthread.php?66692-1994-T-E4OD-kicking-out-of-overdrive-on-Interstate