The CPS is always in the loop. To prove it (to myself) I just went out and started it, then pulled the CPS plug from the EZL and it instantly shut off, just like turning off the key.

no, that's not the crankshaft position sensor you are talking about... it's something but not that.....

the CPS in not in the loop at all once the engine is fired and running.
The CPS' job is simply to tell the ECU where TDC is and then hand the rest off to the ECU once confirmed...that's it...from that point forward the ECU runs the show and CPS just sits around waiting for the next restart...that's it....I would be happy to elaborate