I think it's a worn out engine issue, not a transmission, or sensor issue.
When I dropped a fresh rebuilt 2.9 in my truck and changed nothing else that would affect the running I went from struggling to get up to 3K in 3rd to 5th gears to being able to achieve and hold 4K in OD if I really want to.
Think about it, 20 year old truck, with how many hundred thousand miles on the engine, and it's just a 6 cyl at that, and not a particularly big one. It's just worn out and can't make the power to push the truck and faster.
Think about it like riding a 10 speed bike. Once you get into a certain gear, no matter how hard you push the pedals, your legs aren't going faster anymore. As you get older that speed goes down even more.
My truck used to do the EXACT same thing that the OP is describing, but I have a stick, always have, so there is no question about auto trans crap being the problem. The problem went away when I replaced the engine.
Oh, and on her last real run with the old engine, I had a bed full of junk and was trying to catch up with my wife who had a 15 min head start. I had the speedo buried in the trip meter and still wasn't turning more than 3 grand according to the tach.