yep...run some 3/8" hose with a small hose clamp off the pipe that ends way to short off that valve and zip tie it under the truck so when you drain it you can catch it in a pan. otherwise it will make one hell of a mess. The CPS is a Cam Position Sensor. Buy one Approx $15-30. keep it in the glove box and it will save ya from being stranded. do a search on this site for CPS and you will find alot of info on it. It takes about 5 minutes to install once yours craps out and it will eventually with no warning. check the other threads to get the right part number so that you get the cheaper one that will work for your truck.
Rob