BIG word of caution! Just because the relay clicks does NOT mean it's OK. There is a BIG problem with these special relays with 2 contacts. One contact simply applies power to the relay itself, to latch it on. That same contact also energizes the indicator lamp, if installed, telling you, supposedly that the OD is ON. BUT if the second contact does not also close, there is no 12 V applied to the solenoid, so the OD is NOT on, even tho the relay is closed and the OD light is ON. I have disasembeld my OD relay twice to attempt to adjust the contacts so that both close when relay is energized. Both times it eventually failed, most recently while on my road trip.
To temporarily solve the problem while on the road trip, I simply bypassed the OD relay with a spare headlight switch. I disconnected the Yellow and Yellow/ Purple wires (that are in the cable coming from the tranny) from the OD relay and connected a pair of wires to those wires and ran them in thru the firewall hole and connected them to a spare headlight switch. I taped the headlight switch to the shift lever for convenience.
Wired this way, the switch controls the OD solenoid directly, but it does run its power from the 3/4 switch, so it only engages in 3/4 gear. The only difficulty is that with OD ON, once you switch out of 3 /4 it does not automatically cancel the OD power, you need to flip the switch OFF. Otherwise next time you engage 3 or 4 , it again goes into OD.
I think this is a good way to diagnose whether the OD relay or the 3/4 switch, or the solenoid is the problem.
A quick test to see if the OD relay is at fault is to test for 12 V at the term C1 the yellow purple wire, with the relay engaged. If there is no 12 V at C1, and yet the relay has clicked and stayed on then you have a bad second contact. Problem is this contact can be intermittent as you have experienced. I solved this by semi permanently wiring a small test lamp to Term C1 and put that lamp where I could see it inside the car. Now when the OD cuts out, I look at that test lamp, and see that it is not lit, confirming that the OD solenoid is not getting 12 V and that the problem is almost certainly the OD relay. If both my test lamp and the standard OD light are off, the problem is most likely the 3/4 switch needs its shims adjusted like Rootes said.
Tom