ABS light on could indicate no VSS signal present, and that would mean no VSS signal at computer and no TCC lockup.
Trans would still shift on internal pressure alone, and OD would work, but TCC has to unlock based on vehicle speed or engine would stall when you slow down and stop.
So no VSS signal at computer would default to no TCC lock up, so you could still drive the vehicle.
You would need wiring diagram for 2000 3.0l and the '99 5.0l.
'00 could have VSS direct to GEM, where it is corrected for tire size and axle ratio and then sent to speedo, cruise, ABS and computer
If memory serves, '99 would have VSS directly to ABS module where it is corrected for tire size and axle, then sent to speedo, cruise, and computer