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Engine-on coasting with an automatic in neutral "should" be safe [insert disclaimer here]. I am doing this with 1989 and 1990 Ford Broncos and a 2003 F250 diesel. No problems. Engine off coasting would more than likely cause problems.
I agree with the first gear comments. Almost all automatics won't go into first gear until you at a low enough speed to be safe, usually less than 10 mph or so. It will rev the engine too high. The best it will do is go down to second gear if you are still at speed.
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