The 94-95 5.0 blocks have two temperature sensors - one that feeds the gauge in the dash (the CTS), and one that feeds the engine computer (the ECT). If the ECT has failed and is sending random values to the computer, the fan won't kick on. Found that one out the hard way. A higher-end code reader an show PIDs in the computer, which includes the ECT values. I'm sure there's a way to test the ECT using a voltmeter, but I don't know how nor what values are appropriate.
I believe that if the CCRM had failed, the fan wouldn't turn on at all. Since the fan does turn on when you unplug the temp sensor, the CCRM is likely fine. You can also run the KOEO and KOER tests, which test if the fan runs. You'll hear it turn on for a bit during the tests.