The repair was completed yesterday. The part is located in the far back left area under the hood, behind two wiring harness connections. It appears to be a real pain to access. I assume that part of the high repair cost was for the part itself, labor costs, and to use their software diagnostic tool to re-learn the part, that is make sure the VIC Control Module that controls the valve learns the valve positions. Reading the details of the fault codes explanations, P1F56 and PiF58, the VIC Control Module communicates with that valve every start-up to learn its position. It is when that control module has issues doing this, that it throws one or both of those fault codes.
The service rep said that the repair would take about 4.5 hours to complete. I dropped the Volt off for a 7:00 a.m. appointment, and got a call about 11:00 a.m. saying it was finished and ready to pick-up, so I assume that time frame is about right.
And yeah, that repair cost is a little high, but I bough the car new, and up to this point at 106K miles, my maintenance/repair costs have been far less than any other car I have owned, so I'm still far ahead in the game in total $$ spent compared to a conentional ICE car, in $$, time, and associated stress with dealing with that stuff. I love electric cars! I'm starting to consider at Tesla Model 3 or Model Y for my next purchase, when my Volt gets older and wears out
And yes, if you are getting a CEL and those fault codes, I would recommend having the repair done, especially if the CEL is coming on quite a bit. I ignored it when it first came on for about a day, then turn off, and would not return for a month, but then it would come on and off several times a week. The car's control modules are not lying to you. There is an issue, and it needs to be fixed.