I checked the sensor with the key on and the engine off with all of the intake plumbing (resonator, air tube, etc.) removed. I was actually moving the throttle bellcrank by hand. I checked supply voltage to the sensor and it read a solid 5v. I checked the output signal using both the connector ground and chassis ground. Both ways, I got readings in the same range that topped out around 3.8v.
As an aside, while I was checking the TPS, I removed and cleaned out the IAC motor. It was full of sooty black deposits; all over the plunger and the bore it rides in. The inside of the throttle body also had quite a bit of fouling in it. Looking down into the intake, it looked wet in there also. I thought the intake system on this thing was dry as the injectors were downstream. Am I missing an even bigger problem than a wimpy TPS?