If I was to convert to OBD1, does the CPS sensor become worthless sence the 93-95 didn't have it?

 

Yes, OBD-I won't even look for it.

 

Yes, it will no longer be of importance as its input will not be used by the PCM.

 

so by eliminating the CPS, that would give me more options for different timing chains? I know that I would need a different timingchain cover and crank hub.
What if a person throws a code, what scanner do they use?

 

The CKP reluctor is located by the crank hub. The shorter 96/97 crank hub can be kept, and you simply replace the CKP reluctor with a spacer. Or, you just leave the CKP sensor and reluctor in place. No need to remove it, and not sure why this would affect timing chain options.

An OBD-I PCM (94-95) can be read with a real scanner, like an OBD-I Auto-Xray, Scanmaster LT1, etc.

 

I thought that with the CPS reluctor and the water pump drive mechinesm being located behind the timing-chain cover limited a person to what they could use for timing chains.

 

not really, but the water pump drive on the cam gear makes you use an lt1 specific timing chain set,, if you go electric water pump you can use any standard "stock roller cam style" timing chain set you want

 

The reluctor is not located behind the timing set. It is keyed to the crank in front of the crank sprocket.

(Courtesy of Shoebox):

http://shbox.com/1/engine_front_diagram.jpg

 

I also think the stock OBDII gears are a little narrower to allow the CPS and the water pump drive to fit under the timing cover... running standard thickness gears (cloyes dual roller) requires the CPS thing on the crank to be removed. I always thought about shaving this piece down a little (making it a little thinner in the areas where it would hit the timing cover or chain) to allow the cloyes and OBDII sensor operation.

Never tried it.. just a thought.