Yes, you can test this sensor. You will need a graphing type meter. I use a Snap On Vantage meter.
At the sensor connector (underneath the car near the bell housing), backprobe the connector. You should have a two wire connector. CKP + is yellow, CKP - is black.
KOEC (key on, engine cranking) should produce a sort of sine wave pattern.
KOER (key on, engine running), should generate an AC voltage from 11 to 17 volts. As RPM increases, so should voltage. (If the car is not running, then this test would be tough to do.....)
As you noted, you can do a resistance test. Should be about 500-600 ohms between the terminals identified above.