I cannot think of a reason for slamming and blinking OD light caused by the TC. All the TC does is multiply torque and transfer said torque to the input shaft ... and run the pump via the TC shell and rear hub. It also has the lockup clutch built into it for no-slip operation at cruise.
None of the above are linked to slamming into gear, IMO. The only fault I know of that can come from a TC is clutch lockup failure. You have an electronically, well partial, operated transmission. It will throw and store codes for some of its failures. I think.
Have you had the codes pulled? I've been out of the business for a long time, so only know peripherally what they do. You may glean a load of information by reading the multi-paged thread further down in this forum 4R44e / 5r55e:

https://www.ford-trucks.com/forums/5...lick-here.html

tom