Was your replacement TCM a brand new unused unit form the dealer, or was it a used unit from the salvage yard, or was it a "rebuilt" unit from an online shop? If it was anything other than a brand new unused unit, then it could definitely be the cause of your output speed sensor circuit (P0720) code.
Do you still have the original (faulty) TCM that was causing the hard jolt issue? If yes, then you might want to re-install it and see if the hard jolt returns AND if the P0720 code remains or goes away.
The other 2 possibilities for the P0720 code could be (as you mentioned) either the output speed sensor or the wiring from the sensor to the TCM. The output speed sensor and your car's vehicle speed sensor (VSS) are the exact same part and so you could swap those 2 sensors and see if the P0720 code (OSS) remains or if you get a new code related to the VSS (like a P0500). If the P0720 code (OSS) remains then you would know that it wasn't due to the OSS, but must be due to the wiring or TCM.
Note that for all of the above tests, the cause might be intermittent and so you might have to drive it awhile until something shows up.