totally agree with your assessment ... my thing is everything appears to be working on my 90 5.8l but it continues to throw code 44 .. if it isn't working it certainly doesn't seem to matter much.. the truck is running better than it ever has before ..
When the truck tests the thermactor system during KOER, it switches the pumped air between up stream of the O2 sensors (into the heads) and downstream (into the cat), then switches between upstream and dump or bypass. it looks for the O2 sensors to switch from rich to lean and back to rich.
As Motech said earlier, the onboard diagnostics for Thermactor was weak at best, so all you get is a system failure code which could be anything from a belt falling off to a pump failure, TAB or TAD sol or valve failures or even O2 sensor failures.
Make sure to run the truck at 1500 RPM for 2 min to get the O2 sensors hot and producing a good signal. Return to idle then run the KOER test without shutting it off. See if 44 is still there.
Back in the day a lean code 41 KOER from a failed sensor was almost always accompanied by a 44.
Plus, as I mentioned in my previous post, The system operates post combustion, It rarely affects engine operation unless Air goes upstream of the O2's when it shouldn't, then everything looks lean to the PCM.
A totally disabled system should have no affect on engine performance just emissions.
Hope that helps