Cooperative sensing with uncrewed aerial vehicles (UAVs) is a key enabler for low-altitude wireless networks (LAWNs), where sensing accuracy critically depends on the spatial configuration of the UAV formation. In this paper, we study formation design and control for Cramer-Rao lower bound (CRLB)-optimal cooperative target sensing. We first establish a sensing performance model based on range measurements and derive the Fisher information matrix (FIM) of the target location. By adopting the A-optimality criterion, we analytically characterize the formation geometry that minimizes the CRLB of the estimation error. The optimal formation is shown to exhibit isotropic Fisher information in the horizontal plane, leading to a regular polygon geometry with an elevation angle determined by the tradeoff between path loss and geometric diversity. Building on this result, we further develop a distributed formation control strategy that steers UAVs from arbitrary initial deployments toward the sensing-optimal configuration while maintaining formation motion and obstacle avoidance. Numerical results demonstrate that the proposed scheme consistently outperforms benchmark formations in terms of CRLB and achieves reliable convergence under practical constraints.