I am having trouble with 1995 Ranger 4.0L also.

I had an intermittent P0340 code that is now a hard fault. Some of the posts here mention that the sensor is sometimes replaceable as long as it's aligned correctly.
This seems to be for the CPS with a "horizontal" plug.

My V6 has the CPS with the "L" shaped plug where the connector is vertical. Is it possible to replace the sensor only on this unit or do I need the whole assembly?

Like this

http://cgi.ebay.com/ebaymotors/FORD-EXPLORER-Camshaft-Position-Sensor-AIRTEX-5S1290_W0QQcmdZViewItemQQcategoryZ33614QQitemZ2000 79293548QQrdZ1QQsspagenameZWD1V

And is there an alignment tool for this, I haven't removed it yet but I am planning on doing it in the next few weeks. it's kind of tight back there so i would like to do it right the first time.