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Check the sender in the rear axle. There's a "safety" wire holder the electrical connection together. It's not uncommon for this wire to cut it's way through the insulation of the wiring. Barring that, look at the solder joints in the circuit board of the instrument cluster. Super common for these to be cracked.
If you have ABS and it's not flashing an idiot light at you, odds are that your problem is indeed in the cluster.
How old is the trans fluid? Which stop has the little crimp on the throttle cable hit? Is it hitting the sheath?
Definitely sounds like you need to get more slack out of the cable... but there isn't enough "play". How does the cable look where it attaches at the trans end? If OK, I'd think about replacing the cable, but I'm not too experienced here.
-Ryan
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Athens, Ohio 1987 245 DL 314k, Dog-mobile 1990 245 DL 134k M47, E-codes, GT Sway Bars 1991 745 GL 300k, Regina, 23/21mm Turbo Sway Bars
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