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You have two unrelated (or at least, they should be) problems:
P1221 TP Sensors 1, 2 Performance
C1227 LR Excessive Wheel Speed Variation
The P1221 is the cause of your reduced engine power. "TP" stands for "Throttle Position". The Corvette throttle is servo-controlled fly-by-wire, not a mechanical cable like other cars. With a bad TPS, the PCM can't tell the how far open the throttle is.
The 1227 code is the cause of your Traction Control failure. The underlying problem is fairly obvious from the description itself. You have a bad connection someplace or you need a wheel speed sensor.
The only thing these failures might just possibly have in common is if they share a Ground someplace, or maybe run together in a common wire bundle. A bad common Ground, or a chafed wiring harness, where both these circuits are effected, would explain both failures happening at the same time.
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