One could remove the sensor from its place ( in the thermostat housing, if it's like my Shadows) and with the sensor in open air, and the ignition on, warm it up with a heat gun or other heat source to see if the circuit was working at all.
I tried using the test method suggested in my manual, to test the sensor from my VT1100 ACE. The suggested method was to suspend it in a pan of coolant heating on the stove, but this method didn't work because the water started boiling off before the threshold temperature was reached. One really needs a pressurized system to reach the +250 deg F that the sensor is supposed to actuate at. That's when I tried the open air / heat gun method. My sensor responded, but it's hard to say precisely what temperature it was when it did.
It's much more important to have a working mechanical thermostat, and this can reliably tested with the pan of water method. With the thermostat working, the bikes fan becomes a pretty reliable indicator of system temperature, provided that system is working and correctly calibrated.