Three sensors can illuminate your trans light. The charge pressure sensor; the trans temp sensor (fluid temp); and the filter condition sensor. Any one of these can give you a light. If you have low charge presssure you can destroy the hydro pumps. If you have high fluid temp you may have a restriction or failing part. The filter condition sensor measures pressure in the filter manifold, when it reaches a set pressure the light comes on; normally the filter will have very low pressure. On a machine of that age a wiring problem can cause a light. If you unplug a sensor and the light goes out you likely have found the problem area. I would verify you have charge pressure with a guage before damage can be done.