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I recently replaced my CPS (been working for 8 years) with the OEM F4TZ12K073C (Motorcraft Cam Position Sensor CPS 94-03). I believe Ford lists this one for the 94-97 OBS trucks. My CPS was running fine but I didn't have a spare so I got the dark blue "C" CPS to put in and keep my gray one as the spare. My truck seems to like it and runs a little smoother.
I did have some issues similar to yours but it only happened a couple of times over a day or so. I thought my TPS was going (at 282K worn contacts are very possible) but the problem never came back for further troubleshooting. Finding out that an OEM TPS was over $500 for the adjustable pedals (non-replaceable and have to buy the whole pedal assembly) I never tried to fix what didn't stay broken.