2002 Honda Accord P1457 EVAP faulty bypass solenoid valve?

Hi,
I have a 2002 Honda Accord with 115k miles which recently gave a ECL. The Honda dealer identified this a P1457 and says that the EVAP bypass solenoid valve needs to be replaced

1) is this referring to this valve?
http://www.amazon.com/Dorman-911-752-Shut-Off-Valve/dp/B004IYY8SY/ref=pd_sim_263_1?ie=UTF8&refRID=001JRNRYHB518W46PM1G&dpID=51YWulIY4sL&dpSrc=sims&preST=_AC_UL160_SR134%2C160_

2) The dealer says that once this valve is replaced, they will have to check if ECM/PCM needs to be replaced. They said it is a 50/50 chance that ECM will need to be replaced (Another $1100)

3) I don't want to spend $500 to replace the solenoid valve and then realize that ECM also needs to be replaced. So, if I do nothing, what is the worse case scenario (ECL is ON; PCM gets "fried")?

4) Where is the bypass solenoid valve located under the car (front/back, left/right)?

Thanks!

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