Was away;
Check fluid level and condition
Check it for trouble codes first;
here is a Self Testby our PAL, BroncoJoe19
do the KOEO = Key On Engine Off portion first &
Remember to have engine @ Normal Operating Temperature before doing the KEY ON ENGINE RUNNING (KOER) portion
I run it to heat it to norm op temps then do the KOEO p[portion first
Have all accessories and lights off.
Post and codes found here.
And post what issues you are having with it..
Does it kump in and out of OD?
re: "...Dose the ECM even control the transmission on old 1990 Broncos?..."
Yes the ECM (also ref to as da EEC/PCM/Computer) does control the E4OD.
And a flashing OD light is an indication of a transmission related trouble code in the Powertrain Control Module (PCM). When it has a trouble code related to the transmission it usually commands full line pressure to try to protect the transmission from damage. Normally this is caused by a transmission slip code. Have your computer scanned to see what transmission codes are stored. If it is a torque converter slip code keep in mind it could be stored from converter clutch slippage, or slippage in another transmission clutch pack.
And a bad manual lever position sensor (MLPS) cpould cause it to slip out of OD. The MLPS is ref to as da transmission range sensor (TRS). The problems are related to water intrusion from a poor connector seal. Parts stores sell an update kit that comes with a new connector & improved seal