I finally got a chance to look into this problem more. The shop manual says you should get a minimum of 100mVAC out of the sensors when spinning the tire by hand. Of course it didn't say how fast to spin it, and since the voltage is speed sensitive, I found this odd. Regardless, spinning about as fast as I could by hand, I got about 20mV out of the left sensor, and about 45mV out of the right. This confirmed my suspicion that it was the left sensor although the right was not much better.
While trying to get the left sensor out of the hub I broke it, so I had to get a new one regardless. (my local ford guy got me one way off the $220 list price, just $150. yikes!)
I live in Michigan, so the mounting flange on the hub had a fair amount of flaky rust on it. I cleaned this all off, and put the new sensor in. What a difference! Barely spinning the tire and I was getting over 200mV! So I decided to look at the other side. I was able to get this sensor off without breaking it (just keep rotating it while you gently pull up). I cleaned the rust off it's flange, replaced it, and now I get almost 200mV out of it while barely spinning the tire.
The final result is, the rust between the hub and sensor was pushing the sensor slightly up, and since it is a very critical gap between the sensor and tone ring for proper operation, especially at lower speeds, it needs to be cleaned and properly mounted.
Darryl