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Art,
You do not need to remove the whole gearshift knob to get at the button. Just take a thin flat head screwdriver and slip it in between the button edge and the knob and pop it out. Once it is out, disconnect the wires and you can examine its operation with a DVM.
I had the same problem (OD not engaging but the light on the dash is lit etc.) as you but my problem did not blow any fuses. It turned out to be the solonoid that was causing all the grief. I'm not sure it you have the same problem but it is just FYI. If you have a pick and pull near you, it would be a good part to pick as a spare or to use as a swap and see diagnostic check. (this is much cheaper than buying a new one for big $$$$$).
Hope this helps,
Tim
(1989,740GL)
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