Yes, it still has the wire as it gives the ECM the information in A/C voltage and the ECM converts it to D/C voltgae and then sends the signal to your speedometer.
I am positive the sensor in GM's does produce A/C volts that the PCM / ECM converts. Though I have not tested the Trac speedo unit, (at the tranny location, not the dash speedo), I have done several other Fords and I assume the Trac is the same as other Fords.
The reapir manual has you put a 10 meg impedence (sp) or lower on A/C and hand spin the gear reading the output on the DVOM....
The speed sensor in the Trac isn't a little a/c generator? All I know is my buick has an ac one, which fits this gm sensor, but ford is not gm, and this revelation would change the way that I think of VSS'....forever.