Yeah it will let some coolant out. Not foolproof, but I normally use a small hose into the radiator to siphon out coolant into containers, hoping the block drains down. Doesn't always work to get it out of the block, but its better than spilling that stuff all over.
CTS is one of the few that will hurt startup, one reason a scantool/ALDL cable is invaluable. You can see what the CTS is reporting, along with MPA, TPS, O2, etc. At least you figured it out without cost to you.
Pay real close attention on the connector. I've had the metal locking tang on the terminal break off, and while it looked like contact was good, the terminal/wire would lift up just a hair as you seated the connector and break contact. Tough one to track down. Make sure the terminals on the CTS aren't loose either. The CTS is a pretty rugged piece internally.