keep in mind its normal to see that code as the miles get racked up , yours is a 94-95 4.9 car isnt it ? if so and your around 120-140k id keep in mind that trannys gonna let go ....but till then drive it code and all , to fix the issue right the tranny has to come out , may as well save the money till the whole tranny goes belly up ...
in very basic terms the computer isnt happy with how fast the torque conveter is locking up , could be the conveter lockup clutch , could be a sticking solenoid ,could be low pressure , or a faulty vac modulator or bad vaccum supply to the modulator ....
i guess for now make sure all the vaccum lines are ok , if there cracking or rotted or leaking replace them , thatway the tranny is getting good vaccum supply to decide how much of a load the engine is haveing to deal with and gives it a beatter chance of selecting a senario the engine computer likes
edit: ive noted the trends here on this code , 2 cars have had the tranyn replaced and the torque converter left alone , on these cars the code came back , everyone else (includeing me) opted for a new torque conveter and the code never came back ....most likely there is some issue int he converters as the age , its mere coidncidence and excessive shifting fromt he issue that kills the trannys....like i say im not posisitve but thats how the numbvers are working out