The good news, I replaced the CPS succesfully.
The bad news, I did not fix the problem.
Replacing the CPS is not that bad. Access to the 5 mm allen bolt is tight and hard to reach but, I did it from the top without removing the oil filter. For reference, you can shine a flashlight (from the drivers side) down between the oil filter and the fire wall and you should be able to see the allen bolt. It is located below and to the right of the oil filter. The old CPS a resistance of
.849 k and the new one .829 k. Both well within specs. However, the old one had a very small piece of insulation missing between the sensor side and the wire. I took some pictures and I will post in the future.
I also measured the resistance between the two pins of the coolant temperature sensor: 4.67k at 62 F or 14 C
It starts all the time but, it dies right away.

What do you guys think...?

__________________
J.H.
'86 300E