I swapped mine (on a TR4) w/o draining anything. I lost some coolant but no more than could be caught by a paper towel. I had the replacement ready, undid the old, put my left thumb over the hole (while i gathered my wits for the next move) and then started the new one in.
On a cold engine with the radiator cap still in place the flow out of that opening is real slow -- it's near the high point of a closed system.
OTOH, draining is easy enough or you could even use a siphon or turkey baster at the radiator cap as you may only need to lower it a bit.
Note: these comments are for a TR4... if a TR6 sender is located low in the system rather than up on the tstat housing then disregard.