'97 Spyder "limping"
 

Hi all,
I'm new to here and new to Mitsubishi's but I am along time appreciator of the Eclipse Spyder. Since I've always like them I jumped all over a smoking deal on one today. Its a '97 convertible top, silver with black leather guts in absolutely beautiful condition with ONE exception............Its stuck in limp mode and in 3rd gear. I've been told and have read lots of articles and posts and such about the Transmission Control Module or transmission control unit (probably the same item with different names used) being an issue with these cars.
I guess my questions are..... #1 Will the TCM being bad cause the above mentioned issue?
#2 Where is this located on the car?
#3 Is there a way to test it?
#4 Is there something else I should be looking at?
I'm an electrician with lots of electronic experience and a fairly skilled shade tree mechanic. I have a garage full of equipment and the knowledge to put it to use but I need a nudge in the proper direction when it comes to "imports". My background has always been with the muscle cars, and trucks but Im looking to try the "tuner" direction for awhile.

Thanks in advance folks