Can anyone help with this problem?

I own a 1989 FWD Coupe Deville with a 4.5L engine and I was wondering if anyone has ever changed a VSS on a Deville before, and if so, how difficult it is. Whenever I travel distances over 200 miles non-stop, the "Service Engine Soon" light comes on and spits out the code telling me the VSS has an open circuit.

I tested the VSS and it turned out to not be bad. The transmission has also been shifting hard and not at the right time since the error code came up about the VSS.

So my question is: If I were to replace this sensor, would transmission fluid come out of the opening after it was removed?

My other question is: Can any other problems arise if I run the car with a bad VSS?