LOL @ black tape,.. I wish I thought of that because that blinking drove me... I started to route to wiring schematics so I could unplug the damn thing.

But you shouldn't ignore it for too long,... The transmission will start to hold gears longer because it doesn't know what speed you're at to shift.

But if it's definitely your speed sensor, go to AutoZone at least there, you'll get a lifetime warranty.