Chuck and Larry, Thank you for your replys and information. Every little bit helps when trying to solve a riddle. After a little more digging I found out some good information concerning the provided probes on the Rotax engine vs. the thermocouples that the EIS requires for reading...
The Rotax CHT probes are not thermocouples (with a plus and minus lead).They are resistors whose resistance varies (inversely) with heat (also known as Negative Temperature Coefficient or NTC probes). One side of the resistor grounds through the body of the probe to the head.
As Larry mentioned above in this thread...the water temp lead CAN be used from the EIS to the "CHT" probes on the engine because it IS an NTC probe and only requires the one wire. This is the same as we find for the oil pressure and oil Temp. probes.
The EGT theromocouples are straight forward as the bayonet probes are inserted into the exhaust pipes and wired up. For the CHT thermocouples, there are a couple choices...one is a probe inserted into a housing that is threaded between the head cooling fins. The other choice is a ring that fits over the spark plug opening and is held in place as the plug is tightened. Either of these can be purchased from GRT or, come with the kit. I didn't have these and that is where my headscratching started
I have decided to order a couple ring-type and call it good (I like easy).
Hope this helps others in the future.