I checked two and in both cases, the subject spade terminal was isolated in every key position except crank.
At crank, there was no electrical connection to any other terminal.
However, there WAS a connection to the housing itself, which would be grounded when installed.
Since the sensor has a single wire, when brake fluid level is low, and the spool shifts fore or aft, it grounds the circuit.
This all makes perfect sense to me. Anyone else?
As for the wiring diagrams, I have the full (2" thick) 11x17 wiring diagrams for all Ford vehicles, including large trucks. There is no brake level indicator circuit to be found. If someone has it, I would like a copy!