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As everyone else has pointed out, the arrow merely means your overdrive is disabled... and this is likely just the relay.
But I'm not quite sure where the "don't drive over X mph" stuff is coming from. If you've got a tachometer you can actually SEE how fast your engine is spinning. Anything below the redline and you should be okay. Realistically you're going to see about 3500rpm for 65mph. It'll be loud, and your fuel consumption will be a bit worse.. but it's not the end of the world.
I see about 19mpg if I flog my car, 21mpg if I'm real nice.. and I have yet to fix my overdrive (yes I've got a manual transmission, but I've also got a turbo which will get worse fuel mileage anyhow)... and I've been cruising at about 60-70mph since the day I got this car nearly a year ago (six days to the year).
- alex
'85 244 Turbo | ~144.9k miles
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