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Steve,
Probably a few hundred bucks. Mostly the parts cost, labor isn't that bad to do it.
You don't say what year it is; even though they look pretty similar, there are lots of internal changes.
If you have an earlier model, you may have a warrantable problem, because there is a recall or service campaign (can't remember which) for the transfer case control module, which can cause this low range light coming on for no reason. I'd ask the dealer if they can check the service history with Mercedes (called a VMI, vehicle master inquiry) to see if there are any outstanding campaigns on your truck, that is, campaigns that are not yet done.
Gilly
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