While it's possible for a faulty PG-B to set a P0734, that rarely occurs
without setting a P0722. The most likely (accurate) diagnosis is that
you'll need major transmission repair, making a remanufacured transmission
a cost-effective repair. Heck, you may even be able to get one in this car
for around $1500 installed from the dealer.
Of course, I cannot determine the actual problem with your car and
inspecting it, but it's reasonable to say that if the dealer checked the
pulse generators, fluid level, and range switch, and they're all okay,
that recommending a new (remanufactured) transmission is proper.
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