a chip can do just about everything, at least the SCT software. Change the fuel curve, timing curve, remove governors, raise the redline, turn off sensors, etc, etc.
The code you have is located on the pcm underneath the passenger side footwell. Its on a white piece of paper. Youll probably have to remove the clip to see what exactly it says. It should be in the form of something like XXY2. (three letters and one number).
If you want a dyno proven chip get an SCT chip from ADC or an Xcal from ADC or brenspeed.
