The crank sensor is the easiest thing to fix and it's what I'd do first. We have the same exact truck but I carb'd mine. The crank position sensor takes 4 wires as far as I know. If it is burned before the connector on the sensor side, it's a bit annoying to swap the whole assembly but not nearly as hard as an engine swap - think day-project vs. a month or two. You'll need to take off the serpentine belt and pull the harmonic balancer to get at the sensor. Should be 2 screws from there. Tie a string to the end of the old one if you can reach it, easier to pull the new wire thru that way. If the damage is on the wiring harness itself, pick up some heat-shrink crimp connectors and a 4-color pack of wire. Match the colors on each side for best results. Grab some electrician's tape and wire wrap for a professional finish.
I never want to discourage any member from building their dream truck! I'd fix the sensor first so you can move it around and tell that cop to go to hell. Cheaper than the tow or tickets & gives you the chance to save up and get the hardware for your build. Oh, also -- forgive thy neighbor