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I have a 4.7 2000 Durango, I have a P 1698 code which is the Transmission control module. The up-shift indicator does not work and neither does the speed sensor. Before i spend money on one of the other i want to try and find out what the problem is. Does it need to be reprogrammed or replaced completely?
sounds to me like a bad connection somewhere between the TCM, the trans, the PCM and the dashboard, i would start by checking the wire harness to make sure that all the connections are good and tight and that there arent any shorts, this is time consuming but cheap(assuming you can do it yourself)
if you would prefer to replace the TCM (or you find that the wiring is fine) you should be able to find one in a junkyard and put it in, there is a thread here about swapping in the TCM from a jeep w/ the 545rfe to get you a 5th gear for highway driving, this is a perfect time to look into that.