if you unscrew the sensor, I believe any water/coolant that is above that height in the radiator/radiator hose and engine will flow out. It won't be everything in the system, but it will be some. I am pretty sure that sensor comes up right into the chamber below the thermostat which has the coolant running through it, and with it gone, there would be a hole there.
If the sensor is good, are you sure it is not a head gasket leak? It took awhile for me to diagnose mine. I replaced the thermostat, water pump, radiator, flushed the system, and still had the system overheating. It turned out that I had a pinhole leak of coolant into the oil that over time made the oil lose its ability to lubricate the engine. It took a little while before the oil looked like chocolate milk, but that was when I knew it was a leak.
Here is the thread about that. Maybe there is something helpful in there. Just so you know, I am not a mechanic like many of the guys on here, and know virtually nothing about the electric system.
http://forums.luvtruck.com/viewtopic.ph ... ght=dottie[/url][/code]