The TS chip is a 6-position chip stock, 60, 75, 100, and 140 HP settings, there si a spot in there for valet, and high idle also. The chip plugs into your PCM and thats about it. It's is for the 7.3. 95-02.
If you are considering doing the chip or any progrmmer/chip gauges should be your first priority as you will need at minimum to monitor EGT's to make sure nothing melts
. You should do a full exhaust as well that will help reduce EGT's, and of course and intake as well.
Hit up some of our vendors here, they can get you great prices and advice on whatever you may be interested in.
And yes you are right about the SES light, "service engine soon". Your best bet when you see that, is to take the truck somewhere and have the code read, then folks here can help you better figure out whats going on. If there is an Autozone in your area they will do it for you free as will most other auto parts stores.