It's unusual to find it in the overdrive gear, but fairly common in the lower gears (I'm speaking auto transmission here).
And yes, it's old-school technology.
Pretty easy to figure out if you have it or not... Bring your revs up to a good speed for the gear in question... If it feels like your car is being 'pushed back' after you lift your foot off the accelerator (previously holding it at a light, steady application), you have DFCO. If it lurches forward, or seems to have little effect in reducing your speed, you don't. If you are still unsure if your final overdrive gear ('D') has DFCO, do the same technique, at the same speed, then repeat the procedure, except this time, throw your shifter into neutral by pushing up... If you don't notice a difference, you likely do not have DFCO.
Commercial drivers who use 'Jake Brakes' know what I'm talking about.