Those are possibilities. Though, if it was a fuse problem, it would be the main EEC fuse, and the truck wouldn't run at all. A faulty circuit inside the PCM is also a possibility. Other possibilities:
There's a break in the wiring between the self-test connector and the PCM.
Or maybe between the PCM and the CEL (does the light ever come on KOEO, like just before starting?) or the CEL bulb is burned out. If you look in BrooklynBay's code list thread (EEC-IV forum), he has a diagram that shows how to hook up a test light or voltmeter at the self-test connector that can be used to flash out the codes.
Are you certain you are getting good contact with your jumper wire at the test connectors? Does the PCM show any signs of entering self-test mode (do the relays click when you hook up the jumper wire?)?