Is your goal to keep the airbags, steering wheel controls and all that? If so, I feel like hydro-assist would be a better choice.
I think @gt1guy baked full hydro into his build. Maybe he has some insight.
I don't think there's likely any way out of the traction control light being on. You have to remove or destroy the clock spring to do full hydro, and it'll never remain centered anyways. There's no work-around for this, you simply will never again have traction control. You could maybe take the dash apart and physically remove the light... but beyond that, I think you're sort of stuck with it.
I doubt it'd cause a check engine light, though... and if it does you can always turn specific fault codes off with HPTuners. Traction control, though, nothing you can do about that one with any tuner I'm aware of.
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