SOLVED!
I have finally tracked down the issue with my airbag system and have tracked down the parts to repair. The airbag light now blinks as it should, then goes away. I will write up everything I have learned below so hopefully it will help someone in the future, as there isn't that much information available on this subject. This information is applicable to all driver airbag only vehicles which is any GMT-400 based trucks/suv (and even some S10) from 1995 and 1996. 97+ Might share some similarities, but very likely a bit different due to having dual front airbags.
Background:
I has been almost a month since my last post, but in the mean time I have been poking around testing every airbag component on the truck trying to find the problem. The problem ended up being the airbag arming sensor, which is located in the driver side frame rail. It is right next to where the front section of the frame becomes boxed in. This unit is what powers the airbag computer and the airbag itself with airbag level voltage (36 volts). This is why my airbag computer would not flash the light, and my friends at the shop were not actually able to pull the codes. Even with an airbag fault, the system should flash the airbag light then stay lit. Mine never flashed, and was always solid.
Diagnosis:
First thing first was to check all the sensors for proper resistance and to check all wires for ground, power, and connections to all sensors. Posted below is the wiring schematic. Testing sensors is easy by checking your sensors resistance values to what is posted in the schematic. If it is an open, short, or wildly different value, the sensor is most likely the fault. For example I had previously posted my front impact sensors as being about 8.4k OHMs which is within spec, and therefore still on the truck working. The arming sensor on the other hand, had a couple pins open, when there should have been a resistance value. This ended up being the component throwing the airbag light. All of the connections listed in the schematic are for the most part properly labeled to the same number listed. If it is not, seeing the wire color behind the plug is easy to double check you are testing the right thing.
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From checking all of the wiring connections and sensors, I had come to the conclusion the the arming sensor was at fault. It didn't test properly and left a constant solid airbag light. The part number for the arming sensor is 16162465. There is 0 information on this part. Not even a single good image. Only links that come up is a couple GM parts websites saying its discontinued (with a ****** diagram that is of no help). For future reference here is the unit removed from the truck. It is held on with 2 13mm bolts.
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Heres a few of the inside as I promised I would take apart what ever sensor was broke. Nothing too exciting, but it did make a mess!
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Now tracking down this part was a complete PITA. Being discontinued no dealer will help you out, nor could I find any for sale online (even in used condition). Because my nearest pick and pull is quite a distance away, I looked online for about a month for the part, with no good leads. After that I decided getting the part myself was the only option, I planned a trip to my nearest pick and pull lot.
Luckily these trucks are plentiful, so finding a decent example was not too difficult. For the single airbag vehicles like my 95, I could only pick from the 95 and 96 model year GMT-400 platform vehicles. 94 and below did not have airbags, and 97+ was a dual airbag system (might still share some components, but I was playing it safe). I was able to pull a sensor from a 96 Tahoe that looks to have not been in any collision. One that has had its airbag deployed I believe would still be fine (hey it worked didn't it?). Amazingly this Tahoe didn't have any rust underneath, so this sensor was in much better shape than my own. Now if I was really on top of it, I could have brought my multimeter and tested it before leaving, but I didn't think about this till I was there. Just looking at the sensor and seeing it was in good shape was good enough for me to "risk". Satisfied with this sensor, I took the front crash sensors from the same vehicle as they were also in good shape. They will come in handy later. The junkyard cost me 16 dollars for all three sensors.
Upon arriving home I plugged back in all the components I had unplugged (so the airbag wouldn't randomly blow in my face), and plugged in the new arming sensor. Crossing my fingers I started the truck, and to my amazement the airbag light started to blink! Crossing my fingers even harder I watched as the light then finished its last diagnosis blink and went away. Yay success! The truck no longer has an airbag light, and will not be an issue when I have to go through Virginia's annual state inspection.
With the system back to working order, I plan on removing all the sensors from the truck again for clean up. I plan on adding some additional silicone in the small cracks in the rubber beneath to keep water out, then repainting to keep them from rusting any further. Even if you don't have any airbag problems, it would be a good idea to inspect all the sensors and seal/paint to keep any issues from happening in the future. These are all solid state devices, so if you keep them in good shape they should never give you any issues.
Hopefully this information will help someone out if they come across a similar issue. If you have any questions feel free to ask, I will try my best to answer them.
Here is the list of parts and OEM parts numbers for future searches:
Arming sensor - 16162465
Front left crash sensor - 16228285
Front right crash sensor - 16218905
Airbag computer - 16176557
Clockspring - 26087273