2001 330 (carsoft) OBDII code 48?

I have a 2001 330 CiC and a copy of the (useless) CarSoft 6.5 software. The software reports a code for an EGS system failure, labeling the fault (in German) '48 wandler kupplung' - (which I believe translates to 'transducer clutch', or perhaps torque converter clutch?). The car has a steptronic automatic 5-speed transmission, and I am presently seeing no issues with transmission performance.

The check engine light recently came on and this keeps me from passing a Texas state safety inspection. When I cleared the code with the CarSoft software, the check engine light came back on after driving only a few miles.

Question is, what kind of problem is it flagging? I have tenatively cancelled my 4th of July road trip because I didn't want to be stuck in the middle of a hot TX highway in the middle of nowhere in the middle of a holiday with a dead transmission that only mechanics in major cities work on.

I've been told by a fairly reliable source that this code does not flag mechanical problems, but is rather an emissions/fuel mileage issue. This led me to think that I could go ahead and hit the road this weekend with no worries. But I have also read that this is serious enough that it will 'melt your transmission' (their words, not mine) if you drive it like this. Best info so far is that it is a solenoid that needs to be replaced. Any comments, ideas?

Thanks.