I suggested pulling the EFI fuse to avoid resetting radio presets, clock, etc. If you have already pulled the negative terminal on the battery, you have done the same thing - testing to make sure the problem is still there. Did the check engine light come on immediately?
Torque converter lockup happens (on this transmission) in the top gear (either overdrive/4th or 3rd if overdrive is disabled), road speed is high enough and throttle position is low enough. It will feel like an extra gear (rpms drop like it is going into '5th' gear), and it is the torque converter locking so that the engine is directly coupled to the transmission, removing the slip and inefficiency that is inherent in a torque converter. You can tell it has locked by changing throttle position some and seeing if the engine RPM changes (unlocked) or doesn't change (locked). If you put your foot down fairly far, it will unlock and the RPMs will jump up some, but not as much as if the transmission downshifted. This generally all happens above 50mph.
Since you have a V6, the transmission control is integrated in to the engine ECU (the 4 cylinder has separate engine and transmission computers). That would explain why the O/D light is blinking also, since this problem can/does affect transmission operation too. Code 42 hints that the speed sensor located in the gauge cluster is not working or the signal isn't getting to the ECU. You do know that the mechanical portion of the speedometer works, so now you have to track down the electrical problem.
The gauge cluster surround has 5 screws holding it in place, then it can be pulled towards you to removed. If you have the tilt steering column, you can wiggle it out from there. If you have a fixed column, you have to remove the steering wheel too. The cluster itself is held in with 4 screws and should be 'simple' to remove too. You can remove the speedo assembly from the cluster and see if you can find any telltale signs of problems...
If you do buy a replacement cluster on eBay, make sure it is from a V6. You can tell it is a V6 if the tach redlines at 6700rpm and the speedo reads to 150mph (4 cylinder is 6000rpm and 130mph). If the speedo driver board is bad, you can probably just swap out that part of it (it has been a while since i have had one apart, so no promises that it is actually possible!).
-Charlie