Dan -
My $0. 02 worth..... If you're talking about the temp sending unit in the transmission cooling line, that fella doesn't kick in until about 270*. According to my FSM, the only thing that sending unit does is at a fluid temp of 270* it prevents the transmission from shifting up into OD, via the PCM. So unless your transmission has been running hot I don't think that's the culprit. In fact, I know a lot of guys that just remove the factory sending unit and use that location for their aftermarket transmission temp gauges.
Also, earlier this year my transmission guy friend told me that in these trannys OD is the first thing to go when the transmission starts getting tired. Hope it's not that for you though but something simple.
Mike