1997 Ford F-150 tempature reading from computer

My F150 truck will at times shut down to about 30mph. I am told this is the computer thinking the veh is running hot. In fact it is not running hot and a ck of the system shows the sensor for the engine to the computer is reading over 300 degrees while resting and the engine is cool. I replaced the sensor and a new computer did not fix the problem. I removed the sensor from the engine and after 100 miles no problem. But I now have no way of knowing if my truck is running hot because the cluster on the dash is not working. Will this fix my problem and what is the downside to having removed the sensor to the computer. IE fuel flow matters relating to temp. Changes