The 04s may. Mine it just a cable from under the cab to the round piece that snaps to the trans to hold the cable steady and then to the piece that shifts the trans. There's no nut or anything to allow adjustment

 

look on the outside of the frame. Mine had one there, I didnt know it was there, but a trans shop knew it was.... little werid round clip thing.

and its called a NSS, neutral safety switch.

 

Hmm.. I can try and look in to that. Maybe it's different on the 80e

 

they use the same cable. so mines the stock cable off the 60e

 

Devan, mine has an adjustment on it as well.

If it cycles between gears on the indicator though I'd lean more towards it being an intermittent electrical short or something like that.

 

and something I learned, theres actually a little metal clip thing that automatically lines up the NSS switch. Mine took me like 30 minutes, I was by myself and had to crawl under, adjust and then get up and check it....

Mine did some weird stuff when the cable was outta adjustment, for whatever reason I dunno

 

Hmmm weird. For what it's worth I think the trans may be jacked up. I don't think it has 4th gear

 

I've heard of alot of guys having problems with the connector that goes to the neutral safety switch, I wouldn't doubt if there's a wire messed up there...but it sounds like you have bigger problems to deal with first

 

Check the both connectors that plug into the switch...make sure none of the prongs are bent ...it's easy to do when installing these connectors. Also check the nut that goes onto the bolt into the arm/shifter of the switch...when loose it can cause the PRND321 to slip and misread. Just a couple of things I've noticed when changing my transmissions over the years.

 

Mine was doing this a month or so ago, only difference was mine would be stuck on 2nd randomly when i went to start it and would not start. Changed the switch, checked wiring, ect. Nothing worked. I re-flashed the computer and the indicator moved back to park and its worked ever since!