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2002 Chevy Cavalier - Check engine light - Error Code P0742

I have not had any transmission service yet. After I drive for an hour,the check engine light comes on. Then after a few days the light goes away. I think the error code means that the TCC is stuck. I went to a transmission mechanic, he said he can check the solinoids. If not, it it could be a $2K rebuild

Is replacing the valve body expensive work? What is the possibility that it is a Solenoid problem?

When the transmission fluid is emptied on the pan, if I have lot of visible chips/debris or bad color, Does it imply that the chances are that I may have a big transmission work?

How do I identify if I have a 4T65-E transmission?

Did you ever change the automatic transmission fluid and filter? Yeah, it’s simple; but, did you?
There is a Service Bulletin, No. 02-07-30-013C, dated 01/01/2005, which covers this DTC P0742, etc. It has drawings of the valve body. Basically, it says that metal shavings, debris, may be preventing the controls valves from moving freely.
Also, there is a chart showing different symptoms and what may cause each one. You didn’t tell us any symptoms, did you?
You may have some difficulty getting the Service Bulletin; so, if you want to read it, you may be able to get it through your public library Internet link, as I did.
First, ask a librarian. On the library’s Web page, go to Electronic Database > Reference > Auto Repair Reference Center, or Alldata-Auto repair information. Then, input your vehicle ID. Under Repair Topics, click on Service Bulletins and Recalls > Automatic Trans. Coolers, Torque Converter > Service Bulletin dated 01/01/2005.