FINALLY! The LT5 is alive and well.
As suspected it was the crankshaft sensor. So I tried to remove the sensor for inspection and the top of it literally fell out in my hand (explains the open circuit I was seeing).
So after spending 2.5 days trying to dig the rest of the sensor out, I finally decided to order up an oil pan gasket from Jerry and go in from the bottom. The gasket arrived late this week and it took me 35 mintues to force the old sensor out with a hammer and punch.
PS - A positive was that NAPA had this sensor in stock...