The symptoms you describe are characteristic of bad wiring or bad connections. If you are not good with electrical stuff, find a bud that is. If electrical circuits are your thing, this will not be hard.
Code 54 – ACT sensor out of range. Broken or damaged wiring, bad ACT sensor. Note that that if the outside air temp is below 50 degrees F that the test for the ACT can be in error.
ACT & ECT test data:
The ACT & ECT have the same thermistor, so the table values are the same
Pin 7 on the computer - ECT signal in. at 176 degrees F it should be .80 volts
Pin 25 on the computer - ACT signal in. at 50 degrees F it should be 3.5 volts. It is a good number if the ACT is mounted in the inlet air box. If it is mounted in the lower intake manifold, the voltage readings will be lower because of the heat transfer. Here's the table:
68 degrees F = 3.02 v
86 degrees F = 2.62 v
104 degrees F = 2.16 v
122 degrees F = 1.72 v
140 degrees F = 1.35 v
158 degrees F = 1.04 v
176 degrees F = .80 v
194 degrees F = .61
Ohms measures at the computer with the computer disconnected, or at the sensor with the sensor disconnected.
50 degrees F = 58.75 K ohms
68 degrees F = 37.30 K ohms
86 degrees F = 27.27 K ohms
104 degrees F = 16.15 K ohms
122 degrees F = 10.97 K ohms
140 degrees F = 7.60 K ohms
158 degrees F = 5.37 K ohms
176 degrees F = 3.84 K ohms
194 degrees F = 2.80 K ohms
If all the resistance readings are good, get out your ohmmeter and check the continuity between the black wire on the ACT sensor and pin 46 on the computer, and the Lt Green/Pink wire & pin 25 on the computer. You should see less than 1 ohm. Remember that a circuit must be powered down to check resistance.
CODE: 32 (KOEO) - EVP circuit below minimum voltage. Vref missing or broken wire or bad contact in circuit. Check for 5 volts on the orange/white wire. With the sensor removed from the EGR and still connected, press the plunger and watch the voltage change on the brown/lt green wire. Check for the same results on pin 27 on the computer. Check for continuity between the wiring at the sensor and the computer. The brown/lt green wire on the sensor & pin 27 should be less than 1 ohm. The black/white wire on the sensor & pin 46 should be less than 1 ohm. The orange/white wire on the sensor & pin 26 should be less than 1 ohm.
See the following website for some help from Tmoss (diagram designer) & Stang&2Birds (website host)
Computer & sensor wiring diagram -
http://www.veryuseful.com/mustang/tech/engine/images/88-91eecPinout.gif