Ok here is the way to test your CPS.
Black/blue tracer is the sensor ground wire. It should OHM close to zero to the battery ground.
Tan/yellow tracer is the 8 volt power feed to the sensor. The voltage regulators on the PCM's are kind of loose. This voltage can vary around some.
Gray/black tracer is the signal wire. If the sensor is on a smooth section of the balencer there should be little if any voltage showing. When the sensor is on one of the air gaps it should show around 5 volts.
If you have a 12 volt adjustable power supply. A 14 gage blue wire terminal will slide down over the male pins on the CPS.
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93 W350 w/duals, fuel pin turned, 6X.018" injectors, 4" exhaust, 3" air intake horn, Super HX40/16, auto, 3:07's axles, 2" skyjacker lift, B&W flatbed