When ECT is 'on' , the transmission computer delays the 1-2 shift and the 2-3 shift (providing the engine is under light or moderate load ). With the ECT 'off', the transmission computer shifts to 2nd gear and 3rd gear , sooner -- presumably to lower engine RPM and enhance fuel mileage. All of this is still dependent upon throttle position and just how hard you are trying to accelerate. If you have your foot on the floor, the transmission will stay in each gear the maximum amount of time,, until a certain speed / RPM is reached, regardless of whether the ECT is 'off' or 'on'.
When the O/D switch is 'off',, it effectively locks the transmission out and prevents it from going into overdrive. With the O/D switch 'on', the transmission will shift into overdrive above approximately 30 mph. This is still dependent upon how much load the engine is under. Overdrive will not kick in until the engine senses it is 'cruising' and not accelerating. You should also note that even if the O/D switch is 'on', the transmission will not kick into overdrive until the transmission has reached appropriate operating temp.
Around town, I generally have the ECT 'on' and the O/D 'off'. It seems to make the 3.0 more driveable with 31 x 10.50 tires. On the highway when I will be cruising at more than 45 - 50 mph, I usually have the O/D 'on' and the ECT 'off'. When towing, I generally have the O/D 'off' and the ECT 'on', even when traveling at highway speeds.
Mike in AR