O/D Off Light Flashing

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I have a 94 Bird with 4.6 V8. The light was out for the transmissions selector, so my wife couldn't tell what gear she was in. I removed a couple screws & lifted the console, but couldn't get to the light without removing the cover around the gear shift, so I quit & put things back. The next time I drove the car the O/D Off light started flashing. When I shut the car off & restart the light stays off for awhile, then goes on. While it's off, when I press the O/D Off button on the gear shift nothing happens - the light doesn't go on, and the car doesn't downshift out of overdrive. It seems to be shifting just fine. Anyone have any idea of the cause, & what I can do about it? How do I shut this light off? :confused:
Thanks for your help.
 

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