I doubt that a sensor would be doing this. You have a 47RH (Rear wheel drive, Hydraulic controlled) transmission instead of the later 47RE (Rear wheel drive, Electronic controlled). The only electronic controls in the 47RH are the OD solenoid and the TCC (Torque Convertor Clutch) lockup solenoid. The TCC lockup solenoid is controlled by the CPM based on input from the TPS (Throttle Position Sensor). If there is a problem with the TPS you will have crazy symptoms with TCC lock and unlock. Have you had the line pressure checked? That might yield a clue. Has anyone tried adjusting the kick down cable to see if that affects the symptoms? What I suspect is happening is that the governor is sticking once in a while. This thing is a set of brass weights that spins on the output shaft. Big PITA to get to and service. It has a small filter screen in the governor assembly that can get plugged up and screw up the works. It may have picked up some left over trash from the rebuild.
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Joe George
Eureka, CA
'95 2500 CC auto 4X4,3. 54,Combo EGT/boost guage,custom switch panel,PacBrake,TST #5,BD valve body,Automatic motorhome steps on both sides,Foldacover hard bed cover,Cummins chrome kit,Black steel grill guard,Front hitch receiver