Hey everyone, I actually own a BMW e36 and e30, and I've done quite a bit of work on them (swapped/rebuilt engines, ect..)
One of my best friends has a 1994 LS400, and she called me saying the "Check engine light and O/D off light flash continuously" as she drives. So I google'd it, and found this page: http://www.lexls.com/tutorials/intro/codereading.html
Looked easy enough to figure out what the problem was, until I tried it. I am following the steps exactly how they are written. With the car in neutral, A/C off, I connect pins E1 and TE1 in the diagnostic port located under the dash on the driver side. Then I turn the key to "ON" and the check engine light and O/D off light just continue to flash indefinitely, with no pausing or pattern.
Also, I read up on here that code 42 is commonly thrown which will make both lights flash like this, so I purchased and actually replaced the front vehicle speed sensor on the bellhousing of the transmission and the rear one by the rear of the transmission with no luck. I also pulled the fuse for the EFI after I replaced the sensors. The lights continue to flash and will not give me a code..
Anyway, I came here for some help! I just want to fix this thing so my friend doesn't have to take it to the dealer and pay tons!