Dynamic light scattering is used to probe the fluctuation modes of a liquid crystal exhibiting twist grain boundary (TGB) structure. At the chiral nematic to proposed "chiral line liquid" phase transition, anomalous temperature dependence in the fluctuation spectrum and an instability in the helicoidal director structure signify developing TGB order. At lower temperatures, the behavior of the smectic layer-director fluctuations ("soft" mode) indicates that the previously identified commensurate TGB(A) phase may in fact be a TGB(C) phase with an unusually small tilt angle.