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The overdrive relay handles the light on/off separately from the solenoid on/off. So it's possible to get what you got - all light and no action.
Two problem areas. The relay has in it a circuit board with soldered connections that - over years of vibration and temperature changes - crack and stop properly working. It is an easy fix to re-solder the relay. Look in the archives for a post from Don Foster, has pictures, too.
Look here: http://www.brickboard.com/RWD/index.htm?id=328071
The other area is the wiring to the solenoid. I can help trace it in a 240, but 740s I don't know.
Good Luck,
Bob
:>)
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