CPS is the Crank Position Sensor. It's a magnetic pickup bolted to the top of the bellhousing, on the driver's side. It reads teeth on the flywheel so it knows when to tell the coil to fire. If it's dying, it may not read fast enough every time, causing late firing.
It may just need to be cleaned up.
I believe new ones run about $60-$70, but you might be able to find a used one for much cheaper. I believe you can get one from any 86-90 2.5L or 87-90 4.0L