HiCustomerthis is lostrider, very good chances are the temperature sensor in the trans is going out, this is a common concern on the TorqShift transmissions, the tow/haul light flashing means there will be a code set in the Processor, the code for the sensor is P1783, over-temp conditions, you need to have the code pulled to be sure and the sensor is located on the valve body, here is a diagram, hope this helps.
It located under the transmission fluid pan, and mounted in the valve body for the transmission, here is the replacement procedure.
NOTE: The pressure switches shown in this procedure will not be applicable to all vehicle applications. Some vehicles will not have the pressure switches or the harness installed in the valve body.
CAUTION: The use of any other transmission fluid than specified can result in the transmission failing to operate in a normal manner or transmission failure.