hopefully somebody can help me out about a week ago and it hasent happened since, i was running about 60 and when i looked down and noticed my od light was blinking im hoping its not anything major. when i had the chance i turned my truck on and off. and it stopped then it came back on again in 10 mins when the trans down shifted. when i got home i checked my fluid and it was high. for a while ive been feeling a clunk when im taking off from dead stops it happens in about the first 5 feet or so i thought it was just 1 of my rear drums sticking, but from reading this thread it sounds like the torque converter.

 

Pete, your intent on installing a supercharger, the extra power won't be nice to the transmission, so expect problems in any event.
If it's determined that there are serious things going wrong, have or replace the trans with a built unit and save yourself some greif later on.
I know it a lot of money but it's a "spend it now or spend it later" kind of deal.

 

Had this problem on my 97 xlt. The problem with the light is that it warns of any problems in the drive train. Once I had the code read, it turned out to be the vss (vehicle speed sensor) on the rear diff. had metal shavings in the oil and because the vss sensor is magnetic, the shavings caused it to malfunction. cost was under $75 for the sensor oil and the almighty friction modifier and gasketsealer to get the job done in the back yard. just remember to use a magnetic tool of some kind if you open the differential. those little pieceof metal hide everywhere....