Hi,
If you haven't looked at the shift motor then this will be where the issue lies.
I had these problems and it was solved by removing the shift motor and spinning the rotor by hand a number of times. All explained in the link forwarded by hypo http://forum.australia4wd.com/index.php?/topic/27331-l4-and-h4-dash-light-stay-on/?hl=%2B4wd+%2Blights
The contacts in the shift motor become gummed up if the 4wd options are not used often. The contacts create the circuits for the auto trans to shift between 4WD high and low. You also loose 4th gear. I believe they short out and that's why you have both indicators on the dash come on initially.
Maybe worth removing and spinning the rotor a few times ?
Skid