yes, it does sound like the diverter and, yes, you can replace it yourself. My suggestion, for sake of safety, would be to drain the system. After that it's just nuts & bolts plus a couple of electrical connections. There's no easy way. Just take your time. Oh, do make sure you have the correct replacement part before starting! One other possibility is the diaphram on the water valve. I highly recomend that you change this cheap component before the diverter valve.
Kev, May 2006