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No if you have the 5.3 engine your truck should have the 4L60-E, so four forward gears and you should feel three shifts. Your gear ratios are 1: 3.059 2: 1.625 3: 1.000 4: 0.696 R: 2.29. Do you observe an RPM drop after each shift? Is your truck 2wd or 4wd?
You mentioned the gear selection part of the instrument cluster is out, does your truck have any electronic issues? Can you tell by listening to the engine if the truck is actually spinning that many rpm, or is there a chance your tachometer is reading incorrectly?
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