yo Pappy,
Welcome!
Un-plug that CC connector on Master Cylinder and changes Fuses; see if it will shift out of Park.
Need fuses 13 and 18 intact
96 Bronco-F-Series Workshop Manual (PARTIAL)
http://www.diesel-dave.com/vehic/manual/stj/stjleft.htm
Brake Shift Interlock Overview in a 96; "...All vehicles are equipped with a brake shift interlock system. The brake shift interlock system prevents the shifting from PARK (the key is in run) unless the service brake is depressed. The brake shift interlock system consists of a brake shift lock actuator mounted at the base of the steering column. If the key is in run, the brake shift lock actuator continually runs unless the brake is depressed..."
Source: by Ford
•Brake Shift Interlock System
Cannot Shift from Park with Brake Depressed
No voltage signal from brake circuit.
CHECK voltage at wire terminal. If no voltage when brake is depressed, REPAIR circuit (see below in TSB 95-02-11)
Large voltage difference between brake/ignition circuit.
MEASURE the voltage difference between ignition input and brake input — not to exceed 2 volts. REPAIR circuit.
Broken/seized solenoid.
INSPECT latch assembly and plunger. LUBRICATE or REPLACE.
Solenoid electrically worn or damaged.
REPLACE solenoid.
http://www.diesel-dave.com/vehic/manual/stj/stj75006.htm
Electrical Schematics
http://www.diesel-dave.com/vehic/manual/stj/stj75004.htm
Also
Vehicle Can't be Shifted Out of PARK, Short Circuits, Common Locations TSB 95-02-11 on 94-95 Bronco & Trucks; See P
Source: by Ford
Fuse 13 Blown, E4OD Brake shift interlock; Stop & Hazard Lamps, Stop Sensor for Anti-Lock Brakes (ABS); Speed Control & PCM Short Circuits, Common Locations TSB 95-02-11 for 94-95 Bronco & F Series;
wire harness may be pinched/shorted on steering column support behind the dash where the 14401 wire assy may come in contact w/a sharp edge on dash panel wall, I had same short here too & caused E4OD's TCIL (OD switch-LED) to blink- I should have kept count on how many other owners have found this short there over the years;
wires pinched @ brake/tail lights, my 96's stop/turn/tail lights wires were almost cut in half on passenger side against 1/4 panel (inner);
wires pinched @ high mount brake light
& @ driver's left hand seat belt anchor bolt @ base of B Pillar.
Driver's Side B Pillar pic; "...This is a picture of the connector behind the driver side seat belt retractor. This is a common area of problems. On mine, the wires had corroded and fell out of the connector. green wire had corroded on the connector and preventing power getting to the dome light..."
http://i785.photobucket.com/albums/yy135/OptoKenai/P3210583.jpg
by Quinnalt
96 Bronco Owners Guide by Hiller Ford
http://www.hillerford.com/resource_library/owner_manuals_pdf/1996_owner_manuals_ford/96bronco.pdf
See page 178
NOTE: Your vehicle is equipped with a brake-shift interlock feature. This feature prevents you from shifting from P (Park) unless you have the brake pedal depressed. (The ignition must be in the ON position.) If youcannot shift from P (Park) with the brake pedal depressed:
1. Apply the parking brake.
2. Remove the key.
3. Insert the key and rotate one position clockwise (ignition in the OFF position).
4. Apply the brake pedal and shift to N (Neutral). (If the vehicle is shifted to P (Park), you must repeat the previous steps.)
5. Start the vehicle.
If you need to shift out of P (Park) by using the alternate procedure described above, it is possible that a fuse has blown and that your brake lamps may also not be functional. Please refer to the chapter titled Servicing Your Bronco in this Owner Guide for instructions on checkingand replacing fuses.