MIL is an acronym for malfunction indicator lamp, while DTC stands for diagnostic trouble codes. DTC P0720 signals a malfunctioning output shaft speed sensor. If the transmission control module doesn’t receive the proper voltage signal from the sensor, then yes, the output shaft speed sensor is kaput.
The description for DTC P0722, on the other hand, tells us that the error occurs when the output shaft speed sensor signal “is missing upon the initial movement of the vehicle.” Owners who experience the diagnostic trouble codes will have to get the transmission replaced. Of course, FoMoCo will foot the bill.
Even though Ford expects the replacement to take up to 4.5 hours, owners of the Shelby GT350 will undoubtedly wait for more than that to get their cars fixed if the transmission is complemented by an oil cooler. Another downside is the waiting game. All the parts needed to replace the Tremec TR-3160 6-speed manual transmission and to bleed the clutch system are not that common, to be honest.
If you happen to own a Ford Mustang Shelby GT350 or the more track-focused GT350R, then call your nearest Ford dealership as soon as possible for more details on the problem presented in this story.