So this is a good thing. This means the PCM is receiving a good power and ground signal. The next step is to determine whether your network is active and whether you have an operational BUS. The BUS refers to the network of computer modules within the XJ. If the modules cannot communicate with one another, the XJ won't start and you'll get a crank but won't start condition. The PCM provides 5 volts as an output to the engine management sensors (mentioned in my previous post) Since you're not getting any gauge readings it sounds like, I would be trying to determine if the PCM is providing the output 5 volts. I'm not certain which pin this is as I'd have to look at a wiring diagram and I'm at work for the next 10 hours. You can pull all the sensor connections and then check the PCM. If the PCM is providing 5 volts, my next step would be to re-connect, then pull sensors one at a time to hopefully isolate the circuit that contains the short. If you don't find a short, and you never find 5 volts, you might be looking at a PCM too. Mine made it 165k before crapping out. I was hesitant to pull the back covers off the PCM connectors as I felt this might cause more harm than good. You can backpin with a T pin at the connector if you need to do further testing at the PCM.
One thing you might check that's really easy......is your PCM warm to the touch with the key off? When mine went the PCM was very warm to the touch......my first indicator to put a meter in series and find the current draw.
Just something else to consider......the wiring for the CPS is prone to failure along the transmission bellhousing. If you're not confident in DVOM testing, you can always begin with a thorough visual inspection of the wiring harnesses to make sure you don't have a break anywhere, although it sounds like you are competent with a meter.
Scantools are as varying in price as they are in function. For the average DIYer I would say spend no more than $350 on a scantool. You can spend $25,000 if you want, but the basic units will do what you need. Make sure you get one that is updateable via online, and records live and freeze frame data. If you can get one with graphing or a scope function, then all the better. I've been looking at an Autel unit that runs around $325. Craigslist is also a decent place to find these as they typically work or don't.
Here's my thread if you want to read through my diagnostic process. Hopefully it will help save you some time and frustration:
http://www.naxja.org/forum/showthread.php?t=1106580