Well, as I had the new part arrive I decided to give it a go and replace it anyway. Ive become a lot braver with working on my 2 and also cos I found it near impossible to get my multimeter leads anywhere near the sensor
It was no bother at all-all you need is a deep set 19mm socket and your good to go.Once the engine is cold you will only lose a dribble of coolant.
From what I learned on MR2OC, you will not have to bleed the coolant and that turned out to be the case-just needed a capfull to top up in the filler neck. Apparently it has something to do with the fact that once your working on any areas of the cooling system that are above the height of the radiator, you will not introduce an airlock-hence no need to bleed.
Just thought Id post my experience for anyone thinking of attempting it.