Yes, that's the right one.
Put a test lead in each socket that has a wire going to it, red in one, black in the other. Ignore the empty one. Which test lead (black or red) goes to which socket doesn't matter with AC, as long as you are connected to the pair that has wires behind them. Try that on the 200V AC scale and see what you get.

 

Ok thanks man. I'm now reading 0.1.

But when plugged back in, it starts. I think if it was actually that low it wouldn't be starting, correct?

 

You got .01 during crank?

 

I wouldn't trust the reading to be absolutely accurate, some DMM's aren't too accurate on AC readings, even less so on the low end of the scale.
I think it's a safe assumption though that even after considering metering error, 0.1 is not likely to really be 0.5 and your CPS is weak. Not bad enough to die completely, not strong enough to be reliable.

 

If the CPS on renix system works anything like it does in the later 4.0L, which I'm pretty sure it does, there won't really be any AC voltage. Correct me if I'm wrong as my knowledge of the CPS only extends to the later design only, but the CPS generates a square wave starting at 0 and going up to 5V. AC voltage readings are pointless in a case like this. Also, in regards to the square wave that is generated by the CPS, the duration that the sensor wire reads +5V is marginally smaller then the druation that it reads 0V- so the average reading on a DMM, which can't switch back and forth from 5V to 0V fast enough, would look like a very low voltage (DC) reading.

 

Not saying you are wrong, but Cruiser54 and MANY others have been fallowing the write up with succession. I'd say when in doubt replace it, they are fairly inexpensive.

 

They are a bit different. The early CPS actually generates a small AC voltage. The later versions switch the voltage applied to them.

 

I'm going to see if a neighbor has a better volt meter to try again, but just to clarify;

I've heard of bad CPS causing no start, but does it often cause a stall out situation?

Also today I am going to take off the distributer cap and sand paper the points, check a spark plug or two, etc. All these things were changed only months ago but you never know, I once checked it a week after getting a new cap and all the points were covered in crud.

 

My 89 had a somewhat similar problem. Hate to say it, but it turned out to be the ICM. I'd drive it, it would die, and wouldn't start for a spell, then back to life it come. Took a few to figure it out, but that did it til the flexplate explosion

 

If you ate constantly getting spark I don't think it would be your cps. My issues were at random times. It would give me trouble for about 2-3 days. I then started looking at the wireing going down to the cps and found out I had burnt wires that were touching the header manifold. It may not be your problem but I was about to just give up. Sometimes its the little things.