I am having issues with the transmission jerking and at times while driving down highway it will jerk and act like it's in Neutral

Hello, this transmission is the AOD-E which integrated electronic function to the conventional AOD transmission that was used from about 1980 until the new 4.6L V8 came out in 1991 on the Town Car. It is electronically controlled, rather than just mechanically and by vacuum. Testing with a pre-1996 diagnostic tool is required to pull the 3 digit trouble codes. If a electronic concern is present, it will likely set a code in the 600's. Your concern could be with the transmission range sensor, which is activated by your shift lever to select the proper gear as desired. This sensor and its wiring connector also can become compromised. It would possibly send the vehicle into neutral or other gears while driving. Whereas this is an educated guess, it's definitely not "the answer" -- proper testing is required, and as Casey said, most failures are easily exposed when the problem can be duplicated during testing -- especially with older vehicles that have limited diagnostic "memory" capabilities. On OBD II cars (1996 and newer), and even better - CAN network cars (about 2006 +), there are significantly more things that can be done with a diagnostic tool to command functions and monitor parameters. Check for trouble codes first; verify the transmission fluid is clean and full and that the filter in the pan is properly installed, and go from there.

Hello, Intermittent issues like this are going to require you to leave the vehicle at a shop until they an duplicate the issue. It is likely an issue with the transmission, and there may be a set of symptoms that are not being noticed as well. If not, however, the vehicle just needs to have the issue while a technician is driving it.

I have had it at shop and they replaced the Mass Air Censor and recently had the throttle control replaced. I was thinking of getting Transmission serviced and see what happens.

Is check engine light staying on?