The CPS on my nissan pathfinder is mounted at the top of the transmission bellhousing. I know because we broke it when we pulled the transmission. The only way you could get to it is by pulling the transmission, even then you cant see it until you have already broken it... lol.
I am not really sure what it would be for on your car. On some cars a CPS is used to electronically control the spark instead of a distributor, but I really dont think that is true on your car. The spark advance may be controlled by the CPS which could cause some running problems, not really sure though.
As far as replacing it yourself, it totally depends on where it is. No matter what it is not a technical job. You just have to find it, pull out the old one, and plug in the new one. Really shouldn't be too hard, but it might be a huge PITA to even get access to it.