Looks like mine on my '93. The tailshaft sensor is the VSS that goes to the PCM. As depicted above, that sensor shown goes to the floor shift lever.
I left everything original except for hooking up the 4wd Low wire from the PCM. That is something that needs to be done. Since the drivetrain will be spinning at a much slower RPM compared to engine speed in the 4 Low position, the 4 low wire from the PCM must be grounded so the PCM "knows" the drivetrain is in 4 low and shifts the trans accordingly. I mistakenly removed that from my modified original harness and now must repin the PCM and find how I can get the wire grounded in the 4 Low position. It will take some doing but I figured I'd mention it so someone else doesn't make the same mistake I did.
'93 Chevy 1500 4X4 ECLB with a '99 Silverado LQ4 6.0 and '99 Escalade 4L60E. SOLD IT!!
New toy: 2001 2500 HD 4X4 Extended Cab Long Bed
John