V70 PNP auto transmission switch advice please...
 

Hello fello volvolovas,
I have a 2000 v70 5speed, 5 cylinder, 2.5 litre with 240,000 klms on it.
I got the flashing arrow warning light and my car stopped not long after...i now have no acceleration/gear engagement at all.
Im looking for some advice before proceeding please. I would love to repair this myself,...paying for towing the car to a garage only to pay to be told its not worth fixing if theres transmission issues beyond the sensor, then paying to tow it away to wreck, hitching back up the mountain before the drama of finding a new car,without a car...so any help is greatly appreciated.
I Towed to a friends house and checked the OBD, code was for PO740 Torque convertor clutch circuit malfunction. Reset code, still no gears.Transmission fluid is full (overfull actually) and looks pretty clean. Removed the gear position switch/PNP sensor, cleaned it very well, bushes/contact strips etc and regreased it, reassembled and prayed...no luck. At first the code cleared which is a good sign, though the fault light returned upon accelaration (still no gear engagment).
I hear the switch/sensor is a common problem, though i cant rule it out even after a good clean...
Can anyone tell me...
I didnt hear any crunching gear noises,wierd smells etc...would there be some fancy volvo safety cutoff thing that has disabled the transmission before causing damage after a PNP switch fail?
Is it safe to assume the transmission on the whole is still ok?
Any other related faults that may cause the flashing arrow/anything else to check for?
Is this the right part?
https://www.ebay.com.au/itm/PNP-Gear...IAAOSwdwVcBX-F

The closest volvo service people said they could read for faults beyond the OBD2 codes to see what the specific problem is...is this true?
Thanks for any help