I got quoted from Ford $53.20 for a water temp sensor. Does that sound about right?

I think that is the bit that needs changing because when I unplugged it the engine idled smooth at 1400rpm. The temp guage went off the scale and I got the warning noise and both thermo fans were on. When I plugged it back in the idle was anywhere from 600rpm to 1200rpm, which is what the problem was to begin with.

Have I made the correct diagnosis?

Cheers

well if ya didn't it sure was a good guess

That price is about right give or take alittle

Hahaha Cheers mate.

In the end I got it for $45. The guys at Lynford are damn good.