dont know about your year, but on my 89 the coolant sensors can be tested with an ohm meter. if you have the chart(FSM or even haynes manual might have it) for that part, test the resistence when the temp sensor is at a certain temp. this will tell you if the sensor is bad. if the sensor tests good, then you need to look at the wiring for damage or if the sensor is seated proporly in the mount/fitting. sometimes sensors use the mount/fitting as their ground and if its not making a good connection, the computer will not get a good signal.
hope this makes sense or applies to your specific sensor, but the moral of the story is, test the sensor with a meter to see if its good or not and dont just assume its bad because it set off a fault code. of course this is coming from someone who owns a renix 4.0 and this is the only way to diagnos a problem.