Could you double-check the fault code? Should have 5 digits (typically "P" plus 4 numbers), such as P0734. P703 is not a valid code.
The broken line pressure sensor would not cause a trans failure. The PCM would recognize that it was getting a bad signal, and would switch to "open loop" line pressure control.
Will your reader display any info other than fault codes? Like maybe (hopefully) turbine (trans input) speed, output speed, line pressure, and desired line pressure?
Have you confirmed that the transfer case is not in Neutral? Can you have someone watch underneath the truck (when you put it in gear) to see if either driveshaft is spinning?
The broken line pressure sensor would not cause a trans failure. The PCM would recognize that it was getting a bad signal, and would switch to "open loop" line pressure control.
Will your reader display any info other than fault codes? Like maybe (hopefully) turbine (trans input) speed, output speed, line pressure, and desired line pressure?
Have you confirmed that the transfer case is not in Neutral? Can you have someone watch underneath the truck (when you put it in gear) to see if either driveshaft is spinning?