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You are going to have to drive the truck and count how many times it shifts to see if your overdrive is working. It should be 3 shifts. The first will be from 1st to 2nd. Then 2nd to 3rd and 3rd to 4th or overdrive. I am not too familiar with this year truck. Does yours have the overdrive button on the shifter? From what I have seen when you shut off the overdrive a light comes on saying that it if off. I can't ever recall seeing any that inform that the overdrive is on. On my brother's little mazda when his transmission was going bad his overdrive off light stayed on all of the time.
yo Chris,
Look through this thread for possible causes. The E4OD OD Light shines only when the OD is OFF. Mine was shining intermittently due to short; which finally blew the fuse.
Also, the bulb (led ckt) could be bad. If so, ford's price is about $10.00 for new assy w/switch and LED