DO NOT let EFI scare you. Just understand it ALL is based on the principle of Input, processing, storage, and Output. Basic example: The Oxygen sensor measures the exhaust (Input), PCM processes this, and then changes the injector pulse (how much it puts out) (output). If you break it down like that, it's cake.
After taking 3 Rangers down to the frame (stripping them for parts), adding/designing my own circuits for aftermarket lights, fog lights, OBA, Cruise, etc., and having a Ford EVTM..........It'll all seem childishly simple. Especially since we are dealing w/ EEC-IV.
Just to eliminate the wiring, check it. Just undo the 10mm bolt. As you are, be careful aboutr how it comes out, it'll want to cock to one side and bind. Unplug. Unplug your sensor. Find the corresponding wire at the PCM plug. One lead in the PCM pin, one on the sensor pin (wire of same color). Check for continuity. It's that setting that'll beep when you touch the leads together. If that's good, move on to a resistance check. Do the same thing. Record the resistance reading.
I'd do this for both the ECT and IAT.
IAT: Your location is in the bottom left corner.
Btw, just buying a sensor isn't a way to fix anything.....