The MY96 models were the first year with an identifiable PCM functionality to them that was seprated from the engine controls. The SBEC used on the 94-95 trucks is the same style used on the 89-93 trucks with the same minimal control interfaces. The OD and lockup controls were crude and subject to many issues, more of an after thought than anything. MY96 was the first year for any meaningful PCM functionality to control the 47RE.
The CPS on anything prior to the 24V engine was a simple analog sensor. The signal could not be used by any computerized components because it wasn't digital, it has to be processed first. The CPS sent its signal directly to the SBEC\ECM for conversion then was used to activate the ASD, control the tach, and control the grid heater programming. Works exactly the same way on the newer trucks only the CPS now provides a digital signal with degrees of crank rotation in addition to the rpm. The rpm is a calculation passed to the PCM for it use.
The OP's problem could be sensor, connection, SBEC, or alternator. Only testing will tell.
The CPS/ESS is a discrete signal (on/off) Computers can use analog or discrete (on/off) signals. In reality they ALL end up being discrete- 0s and 1s
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