Had the TRAC light come on my 93 SC400 around a year ago. Took it to the dealership (in Richmond VA) where they told me I could either get the whole system blown out (at a cost of $400) which probably won't fix the problem, or go in with a new system (at a cost of roughly $1500) :chairshot:
The car has run just fine without TRAC (if you don't mind the light). Let me know what the dealership tells you.