Hi clodmore, welcome to FTE!
The Camshaft Position (CMP) Sensor detects the position of the camshaft in order to identifiy when piston No. 1 is on its compression stroke. The CMP sensor is used for ignition timing in the Ford DIS igntion system, but not in the EDIS igntion system. Both
DIS/EDIS use the CMP signal for synchronizing the firing of sequential fuel injectors.
On the 3.0L vulcan engine, the CMP signal is generated by a single
Hall-Effect magnetic switch, activated by a single "vane" spinning around by virture of a synchronized shaft which is driven by the camshaft.
The CMP sensor & synchronizer/shaft are located behind the intake manifold (i.e., back near the firewall on a Ranger) on the top of the cylinder block. If you just need to replace the sensor, it is a simple job of unplugging the electrical connector and removing the screws holding the sensor in place. Here is a sketch of the sensor to give you an idea what to look for: