Code P1415 is for the left side check valve which is easy to change as opposed to the right which requires the removal of the intake manifold.
The problem that you are experiencing is a known one, as condensation builds in the check valves after shut down, and gradually rust build up. Now, this rust will cause the check valves to stop working, meaning letting fresh air in, from the air pump. This in turn sets the code, during the next drive cycle diagnostics, because the PCM does not see the o2 sensors compensate when the fresh air is induced.
The part can be bought at most Auto Parts for around 15 bucks or almost double at the Stealer. PN GM PART # 2040805
Re: Check engine light P1416 H C
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The right side check valve (which code 1416 is) requires removal of the intake manifold to gain access to, unlike the easy to get to left side check valve.
The problem that you are experiencing is a known one, as condensation builds in the check valves after shut down, and gradually rust build up. Now, this rust will cause the check valves to stop working, meaning letting fresh air in, from the air pump.
This in turn sets the code, during the next drive cycle diagnostics, because the PCM does not see the o2 sensors compensate when the fresh air is induced.
Things that can cause P1416.......
Defective AIR check valve (very common)
Defective O2 sensor
Defective PCM
Leak in AIR tubing
Blocked AIR tubing or blocked port.
Gasket Leak, either missing gasket or loose manifold/header.
Misrouted AIR line
Cracked or broken Vacuum line.
Disconnected AIR line.
As for damage to the system or your vehicle, the AIR system only runs during cold start, and then for about 1 minute. Its used to pump fresh air into the exhaust path. This quickly heats the catalytic converters to proper operating temperature. A malfunctioning system will cause increased emissions during start. The only damage it could do, would be if the check valve sticks in the open position. This causes exhaust gases to damage the rubber AIR tubes, and possibly the AIR pump. Its usually okay to drive the car for a short period of time, but long term its not good, especially if the system is stuck open.
Some folks have also fixed this by disconnecting the metal pipe that leads out of the right side head and shooting carb cleaner inside the pipe, it cleaned out a lot of the carbon deposits that foul the air valve.
DIY link to remove Intake manifold
LS1Howto.com