If the torque converter locks up the VSS is probably working. Since the cruise light is not working it could be the upper switch on the brake petal or a broken wire on the stalk. As the stock is a PITA to change try plugging another one in at the connector at the base of the dash. To test if it fixes it.
Of course make sure the cruise bulb is not burned out. If none of these cures it there is always the cruise control box above the accelerator petal, that on occasion goes bad. Check the plug on this box, and the connector from the cruise control vacuum assembly where it comes in through the fire wall.