Tim, a year ago when my o/d light was blinking and transmission shifted crazily, I took her into Ford who told me, "you need a new tranny. Its 2500 bucks" To make a long story short, I took it elsewhere and the good mechanic there found that my shitty plug wires were interfering with the speed sensor causing it to be out of range. It cost me 100 dollars. I went back to Ford and said "remember me? Well..."
You should get it scanned and if they tell you another transmission is in order, get another opinion. Good luck, John