[E34] Traction Control/"EML" questions

["KOHLBRENNER,MICHAEL (A-hsgAndover,ex1)" <michael_kohlbrenner@xxxxxxxxxx>]

Sort of a repeat of a post to another list for those
cross-subscribed...

I recently purchased a '92 535i 5-speed. I am absolutely
falling in love with it.  For my needs, it is really a
much better model than the '88 535is that I have.  The
'88 is up for sale, by the way, if anyone is interested.

There is one issue that has already cropped up that I am
hoping someone can provide guidance on:

The car has Traction Control, and as such, the electronic
throttle, and with that the "EML" warning light on the panel.
Well, this light has come on several times now for no
apparent reason, and the only real effect I can discern is
that the cruise control will refuse to work.  The first time
it happened, I found a safe place to pull over and shut the
car off.  I then checked out the owner's manual, which
basically said "drive at low speeds and get it checked out
at the dealer".  Not very helpful...  I decided to try
again, and the car started fine, the warning was off and
the car drove fine until it happened again many trips later.
It's been about three times, now.  Each time, shutting the
car off and restarting clears it.  I haven't yet gotten the
Bentley for this car (it is now on order...), and I poked
around on the net a bit with little success, so I figured
I'd bring it up here.

So, the questions are:

Is my practice of "rebooting" the system alright?

Is this a sign of impending doom?

Assuming the worse, that parts of this system
     (sensors/motors/etc.) will need replacement, are the
     parts really expensive?

Is this system something a reasonably competent shadetree
     mechanic can diagnose and repair?

Any net resources anyone can point me to?


Thanks,
Mike Kohlbrenner
'92 535i 5-speed (new-to-me)
'88 535is Auto (for sale)
four other cars (I really need to get rid of at least one...)

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