Guys,
In the end, the tach sensor was bad. When I went to remove it, I noticed the PO had wrapped electrical tape to the wires as they come off the sensor. The tape had worked it's way up the wires and one of them showed the insulation was completely gone.
Also, the FIPL sensor was way off. It registered 0.52V at idle and 1.85 at WOT. I could not get it in range so I removed it and clocked it over the tab more before installing. After this, it was at 1.25V at idle and 3.8V at WOT.
I had installed this pump a couple of weeks ago. Now I wonder if I did damage to the transmission with the sensor being so far off. It ran great last night though. Shifts are a bit too early for my taste but at least it'll downshift good now and it does not stall the engine.
Time to work on other stuff like the multiple leaks the engine and tranny have. Check out my other thread here;
http://www.oilburners.net/forums/showthread.php?p=574149#post574149
Thanks again for all your help. I learned more things about the way these trucks work yesterday and it's always a satisfying feeling to do so.