I know the feeling. When I was in college I had a 68 Dodge SuperBee that was my baby and was a classic. My father made me sell it because it left a couple oil marks on the driveway. I bearly got 2K for it in the late 80's. Now it would have been worth around 50K because it was original and in perfect condition. Thanks dad!
Regardless, the sensor should be near the t-stat housing. It's just a simple remove and replace. It bolt's in so remove it and just replace it with the new one.
If you have any other questions, let me know.
Sunday, December 14th, 2008 AT 12:56 PM