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the pressure regulator is located on the fuel rail near the injectors.it's cylindrical with a fuel line and a vacuum line attached.relieve fuel pressure,disconnect fuel & vacuum lines,un-bolt two retaining screws,or a clip on some models.pry regulator off it's mount,note 'o'ring seals.install in reverse.
Check your trans fluid - if low add dextron mercon fluid, if it still acts up you may need to change your fluid and filter - then if it still acts up you could have done damge by driving it on low fluid
The aerostar tranny cooler sits too low away from the trans and tends to become blocked and restrict the flow to the tranny It could not hurt to remove it and flush the cooler out I have had a few aerostars and I have had to flush them all,the tranny fluid came out very dark and smelled very burnt it may not solve your issue but maybe. It has solved a shifting issue for me the 1-2 is smooth as silk now.
Try at full stop in neutral switching to 4 wheel auto ,give it a few seconds and if you don,t here it engage try putting it into reverse and then back into neutral and then into drive. If still dosen,t work tranny switch is likely sticking . service or repair.