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Hi there rich , your spot on with what your saying , the fault lies with the CHT sensor this is the cylinder head temerature sensor , this is located above the gearbox on the side of the cylinder head , This is a ONE TIME fit only sensor as when its installed its tip is crushed into the cylinder head , when this sensor is faulty it will engage limp home mode to save the engine from further damage,
The only problem you will have is removing/installing this sensor as we at ford have a special socket that slips over the wire ,
i think it sits in i recess which makes it inaccessiable with a spanner
i hope you will find this information good help to you
and if you need any more help please let me know