If you notice it when it shifts to 2nd, it sounds like the clutch pack to me. However, a bad torque converter can cause problems. As far as the check engine light, it should be accurate regardless of the tach.
There are so many parts in these vehicles anymore that can cause problems. Please keep in mind, I'm trying to give you the best answer I can based on your description. It could even be engine related. For example, if you have a weak fuel pump, it could lose power after the pressure drops.
See if you can confirm that it isn't an engine issue too.
Thursday, September 1st, 2011 AT 1:26 AM