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Well I looked at the parts manual, and there are 4 sensors/electrical devices on the MN12 tranny.
1. #89 - Drivers side - threaded into a block - reverse lockout solenoid
2. #59 - Drivers side - threaded into case - Backup lamp
3. #181 - Passenger side - threaded into case - skip shift solenoid
4. #88 - Passenger side - threaded into case extension - speed sensor
The Z06 has an overtemp sensor that sets off a warning if you are running hard on a track and the tranny starts to get hot. It does not provide a temperature reading. Depending on how often you shift and what gears you are using you can push quite hard before you get the warning. At Watkins Glen which is mostly a 3rd and 4th gear track with at least half the distance driven in 4th I never saw a tranny temp warning even on 90 degree days.
If this warning came on while street driving you would have a serious problem with the tranny.