That's a good place to start.
If the oil has been over-hot for a while, you should be able to get that burnt smell from it.
However, have you by-passed the OE cooler? Because if not, and the oil is not burnt and brown, this may indicate problem elsewhere.
Check the connections between the tranny loom and the TCU, and see that the TCU is securely grounded.
After this, checking the TPS is probably the next easiest to do, but I have a sneaking suspicion you have a sticky valve or the 2A accumulator is faulty. Good news here, if you are an optimist, the tranny need not come out for this fix, they are both accessible from dropping the pan.
Hope it sorts handy for you,
Joe
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