Can my 98 v6 camaro's transmission hold the horsepower and torque of a cold air kit and a performance chip?
The cold air induction kit will only add power at the upper RPMs that you will rarely see and it will be very little. As for the chip, not to worry, you are not going to add enough horsepower to hurt the transmission.
The torque converter is an integral part of the automatic transmission, and the automatic transmission is under the control of the vehicle computer. Disconnecting the torque converter sensor or in fact, any other internal transmission sensor, will result in significant performance issues, and will show up as an error in the vehicle fault codes.