Ranger XLT ABS light - Check engine light

[pete estr]

I have a 1997 Ranger 4.0 6 cylinder automatic transmission with 211,000 miles never had any problems except I had the transmission overhauled yesterday. the A/B light started blinking and the transmission started acting up, slamming into gears. was told that the A/B blinking indicated transmission problems, will cause overheating damageing other parts, will not show on temperature guage, My ABS light came on over 100,000 miles ago. I was told to ignore it, it is a common problem, I don't know if this is true, but my brakes have worked fine, had pads replaced 40,000 miles ago , still working fine.