will it cost me alot to fix a trans cooler line leak in my car?

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my 1983 cutlass supreme has a 78 pontiac firebird 403 engine in it and where the trans cooler lines meet its leaking how can i fix this and would it cost me alot? and if its leaking can it damage the trans or just the cooler? can this also be why my check engine light is on? also i have a leak from the valve covers.
somebody was telling me its just a clamp but the fluid comming out of them lines is trans fluid correct?
 
the lines are under some decent ammount of presure, it is common to use rubber lines, attached to the stock metal lines, to install a trans cooler, it is not a question of whether this will leak, but a question of when.

goto the auto parts store, and get some high presure rubber line like is there already, and some new hose clamps, replace the rubber lines and hose clamps..

total cost should be under $20, this should **NOT** cause the check engine light to come on
 
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