It is not the rev limiter shutting you down. The PCM thinks the car is going 140+ MPH. It is the car speed limiter shutting the car down.
Would recommend getting fixed for the reasons already mentioned. In addition if not fixed will affect the PCM's ability to control radiator fan speed correctly. Likely will lead to overheating while stuck in traffic. For an auto car, even more important for the PCM to know the car's true speed.
I can say that there is a difference in the sensor between the 1996-1998 and 1999+'s. One uses a Vehicle Speed Sensor (VSS), another uses an Output Shaft Speed Sensor (OSS). Will research.
Salvage yard not likely to be a good option as the salvage yard will not part out a working transmission (will have to buy the whole unit).
>>From Ford Service CD
Output Shaft Speed Sensor
The Output Shaft Speed Sensor (OSS), provides the Powertrain Control Module (PCM) with information about the rotational speed of an output shaft.The (PCM) uses the information to control and diagnose powertrain behavior. In some applications, the sensor is also used as the source of vehicle speed. The sensor may be physically located in different places on the vehicle,depending upon the specific application.The design of each speed sensor is unique and depends on which powertrain control feature uses the infomation generated.
Vehicle Speed Sensor
The vehicle speed sensor (VSS) (Figure 44) is a variable reluctance or Hall-effect sensor that generates a waveform with a frequency that is proportional to the speed of the vehicle. If the vehicle is moving at a relatively low velocity, the sensor produces a signal with a low frequency. As the vehicle velocity increases, the sensor generates a signal with a higher frequency. The PCM uses the frequency signal generated by the VSS (and other inputs) to control such parameters as fuel injection, ignition control, transmission/transaxle shift scheduling and torque converter clutch scheduling.