I answered this for you in your original post
http://www.chevyavalanchefanclub.com/cafcna/index.php/topic,66842.0.html
I'll repost it here for you. I don't know if you're skipping over it or if it's something you just don't really want to see but...
The two most common failures for this code, in the 4l60e that you have, would be.
1. Valve body it's self. The TCC signal valve wears out the bore fluid slips past and you get an excessive slip speed reading.
2. The TCC PWM valve in the pump. This one is rare, but I have seen 2-3 fail and not regulate apply pressure.
EDIT: I also remembered one more thing. This one is less common but due to your mileage it may apply. The transmission pump bushings that seal against the input shaft MAY be worn out causing a fluid pressure loss when hot. I've run into this one a few times on higher mileage rear wheel drive vehicles with the 4l60e in them.
If you can gain access to a scan tool. Watch TCC slip speed at 45-50 mph maintaining a steady speed. When the TCC is engaged slip speed should drop to 0. It may spike to around 40-50 but SHOULD not exceed 100 RPMS. If it exceeds 100 RPMS but not in excess of 200 RPMS it's a TCC signal valve worn out in the valve body.
If it exceeds 200 RPMS chances are you are losing apply pressure internally. For example stator shaft bushings in the pump. Or possibly a busted Stator inside the convertor.
If it is just the signal valve you have two options you can purchase a repair kit for the valve body. Or replace the valve body.
Doing a corvette 2-4 servo swap will not fix this problem. The rear end in no way shape or form will cause or fix this problem.
What is happening is the PCM monitors TCC slip speed for excessive RPMS anything over 100 RPMS for 10 seconds it pops the code. It has to see 2 consecutive failures or an extended failure to pop a light.
Just a little warning though. If you don't know or have never worked on a transmission. I HIGHLY suggest you have someone familiar with them to do the repairs. A small grain of sand can destroy an entire transmission.
There is another "fix" that GM came out with prior to the 2000 model year. It requires drilling a small hole inside of a cap in the valve body. I haven't actually done this in awhile since it can sometimes lead to a "hunting" sensation or a "5th" gear shift when the TCC engages.
And in answer to the question can I ignore this will it cause a bigger issue? Yes the torque convertor slip speed is excessive. It will over heat the convertor leading to a failure. You will eventually overheat and shorten the life of clutches.
Take my advice or don't. It's your truck. The problem can't be patched.