Started the truck this morning (1997 F150 4.6), went to put it in drive and I couldn't get it out of park. The brake pedal nearly touched the floor. That's when I noticed the ABS warning light blinking. Looked under the hood and noticed the master cylinder was leaking. Later on today, when there was more light, I removed the master cylinder. Found the brake pressure switch had burned up and causing the leak.

Would the faulty brake pressure switch cause the truck to be locked in park?

What would cause a brake pressure switch to short circuit and burn up? I'm lucky it didn't start a fire.

Will everything be OK once I install a new brake pressure switch and bleed the system?