From the '95 FSM:
"The speed sensor generates 8 pulses per sensor
revolution. These signals, in conjunction with a
closed throttle signal from the throttle position sensor,
indicate a closed throttle deceleration to the
PCM. When the vehicle is stopped at idle, a closed
throttle signal is received by the PCM (but a speed
sensor signal is not received).
Under deceleration conditions, the PCM adjusts the
idle air control (IAC) motor to maintain a desired
MAP value. Under idle conditions, the PCM adjusts
the IAC motor to maintain a desired engine speed."
So that's all it's doing with the speed information.
It looks like all that could happen is that it might try to lower the idle engine speed too much (and cause stalling) when slowing down in low range. But since it has a minimum idle speed, it doesn't cause stalling problems.