Finally found the page in Kirby Palm's book on CPS fixes, and with his suggestions, took apart the CPS wiring connector in the front and on top of the engine near the Oil fill cap and A/C hose. Cleaned the metal blades with a brass wire brush to shine them up, sprayed it and the socket with Caig Cramolin DeOxit D5, and inserted it back into the socket several times. You must slide the Stainless steel clip off to get it loose. This will fix SOME cars that won't start. The signal is low voltage, and doesn't take much corrosion or bad connections to attenuate it sufficiently to prevent good startup or running.
On my convertible, someone had cut the female connector off, replaced it but had just twisted the wires together and used DUCT TAPE to cover the connections, then had hid them inside a split-loom plastic tube. I cut the wires, stripped them back again, twisted them into a good mechanical connection, and soldered them, using good electrical tape or heat-shrink to cover the joints. It started and runs perfectly now. This will be a good place to attach the o'scope probe in the future to check the pulse waveform amplitude.
One should ALWAYS check this area 1st for bad connections before replacing the CPS outright. Same at the rear of the engine for the rear flywheel sensor connectors and wiring. You never know WHAT you will find on a 27 year old car that has not yet been restored, especially one you bought recently, you might save yourself a big towing bill!

 

Its not only what you found, but also the "air gap" between the sensors ( flywheel and damper fingers). Although not easy to do, simply filing the mounting bosses and then checking with a feeler gauge, it is very possible, as I have done it. My 89 Marelli car has very low miles on it. I bought it not running. The rear sensor was around ,046air gap. Without replacing anything really, the problem was there all along.