Thanks for your quick replies. Unfortunately, I'm not in a position to test out the leads on it today, but I did follow instructions I found on another thread here to check the speedometer motor in the instrument cluster. I hooked the white lead from the ignition coil through a diode to the blue lead on the speed sensor and got the speedometer to read when I reved the engine. I would assume that means that the signal line at least is good. When I did that, I checked the blades on the connector to the sensor and they don't appear burnt.
I was reading through the other thread, and I'm thinking that it may be the sleeve assembly that the sensor screws into. I tried pulling that when I replaced the sensor, but was not able to get it out so I just unscrewed the sensor and left the sleeve on the transmission. Is there any good tricks you have for getting that out so I can check it?