Bolt access from the bottom. Last time I did this I used a 1/4 inch drive socket, with two long extensions, a medium extension and a u-joint. I can't remember the exact combination, but one bolt went better with long and shorter, and the other with both long, both with the u-joint in the middle. Experiment with how it lines up and how easily you can put some torque on the wrench, and if you have enough pieces in your set, you'll find something that works. When reinstalling the CPS, do use the plastic dust shield if it comes with one. This snaps into the bell housing, and will help hold the sensor in place until you can get a bolt started, as well as helping to prevent you from dropping things down into the bell housing.
If you have the dust shield, you can set the new sensor in from above, and then go below and feed it the bolts. Put the socket at the end of an extension, and hold the bolt head into the socket with a little piece of paper or plastic so it doesn't fall out, and you can feed the bolt into the hole.
Use lots of light from above and below.
5-90 recommends notching the holes in the new CPS so that you can put the bolts in loosely first and then hang it on them. I have not tried that but it sounds like an interesting idea worth trying if for some reason you just can't seem to find the holes with the sensor in place.
edit: I see I was beaten to this with a nice writeup. My only difference here may be a matter of taste, but I found it easier to put the u-joint in the middle of the series of wrench extensions, at least for removal, because it gives you a little better chance of holding and getting some torque on it.