Thought I had a bad CPS, but inspection revealed it was loose enough to rotate. Surely it is off from idea location though truck starts and sounds fine.

All literature seems to focus on R&R, and is based on removing a CPS with a known good install.

It appears the only way to align one that may have rotated due to being loose is to remove and re-install. Is this correct?

 

There is a special tool to use to do this procedure. Different engines require a different tool. This can be done with a scope , but availability ??
This is also assuming you have a V6 engine. Check wit your local auto supply and they might have the tool. No need to remove if in good condition, just reset.