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overdrive cutting out 700

i have a '87 740 turbo with a M46 manual with overdrive and 290k miles on it. today on my way to work on the freeway the overdrive cut in and out. I had to do the rest of my way in 4th gear and 3000rpm. The dash light for the OD stayed on the whole time while it was cutting in and out and it occurred after i have driven for a while. Is that a typical sign that the relay went bad? I think i remember to have read that the relay can get cracks in soldering and it get's faulty after it gets warm?!?
The OD is not slipping - i went through this exercise a couple of years ago and upgraded to bigger o-rings.
Can you easily fix a relay (how do i test) or shall i just get a new one? Can i use one that's for an automatic?

My second guess was a bad solenoid valve. How do i check that and can i also use one from an automatic?

... or is it just a question of the oil level in the tranny?

thanks for any input - i'll have to fix it over the weekend






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