I was wondering after reading about the 700r4 if maybe the switch wasn't simply an overdrive on/off selector, like on my wife's 03 minivan you can push a button on the gear switch and it turns off overdrive.
The lights I'm figuring have something to do with warming up since it's always red when cranked and turns green later on, but it doesn't seem to turn green until much later on long after when the motor is already reading around 160 on the temp gauge and everything seems like it should be toasty warm.
I'm going to take it in to a mechanic within a few days for a complete "physical" since I'm obviously no mechanic I want someone who is to go over it with a magnifying glass and fine tooth comb and give me a good idea of the full status of the mechanicals. The brakes have me a little concerned they don't seem to lock down as hard as I'd expect a power brake from so early to do. Show and go don't mean squat if you ain't got stop
I'll ask the old owners just haven't gotten around to calling him. Was just wondering if this might be some kinda "semi popular" thing people did to these trucks.