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As I recall (been a while since I owned a 740) there are three items. The OD switch on the selector handle, the relay behind the dash, and the solenoid. I always did the solenoid last just because the other two were easier to check.
If the solenoid bench checks okay, try putting it all back together and try troubleshooting the continuity from the installed solenoid while someone activates the selector. Might also install new O-rings.
Don't know if you have tried all this, just a suggestion. I can appreciate your frustration...been there many times.
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