So I've got a 2001 screw with the 5.4 and I've noticed going down the highway (only happened twice, that I know of) that my revs will be high and my overdrive light on the gear selector will be flashing, I looked in the owners manual and didn't find anything so I'm gonna let you fellas learn me something.???

 

There are a couple things that it could or might be. One big thing though, before we give you an answer, which transmission is in the truck? It lists both the 4R70W (14 bolt pan, square front pan and tapered rear edges) or the 4R100 pan which has about 20 bolts and is large rectangular with a square corner missing and a big dip in the center of the pan.
each transmission have different items that can be a problem. Both show with your year and the 5.4 "L" motor.

 

Supercrew only has the 4R70W that I know of (except the Harley Davidson).

 

I was fairly sure it was the 4R70, but my factory Ford book lists both for the year. It didn't say which went where. That is why I asked. Thanks BluP.

OD solenoids? Bad valve body? Traits of the 4R70W that fit the problems listed by the OP.

 

thanks guys, i took it to the shop i use to work at because i forgot (then remembered) they have one of those fancy snap on scanners and it said the TCC solenoid was not releasing when it needed to. cleared the code and it hasn't acted up since, so i guess if it does it again, i will try to have it fixed.