Well, I think I found the problem. It was the magnet after all. I went and purchased a new Cam sensor today, put it in and still had the light. I had tried running the car with the CPS unhooked and it made no difference so I assumed it was this sensor.
Baffled, I decided to have another look at the magnet (interupter). I needed a better mirror so I raided the wifes makeup stuff and wound up with a good clear view of the magnet. The holder is there but the magnet is long gone.
I went and got me a new interupter and some JB weld, I'm going to try the easy install. I'll post back with the results, unless I'm incapacitated from the wife discovering her mirror is gone.