P1870 tranny code have anything to do with shift button?

My 97 Jimmy is pulling this code, but drives correctly. The only thing I can imagine this being is the button on the auto shifter no longer is needed to shift, and the key must be taken out of the ignition by using a straw pushed into a hole underneith the steering column. These problems happened simultaneously, so I'm hoping the problem has more to do with the button linkage and not a transmission problem.

The code is a little vague...Transmission component slipping. Has anyone had this problem?

Sounds like a ignition switch problem, especialy since its a '97, and you mention your key won't come out. Runnning it with a p1870 will damage your transmission, since a p1870 will command high line pressure.