[ChrisBennet]

There are 3 sensors that might be confused. The two you need are the "speed" and "reference" sensors. That are held in the same bracket at around 1 o'clock as you look at the flywheel. There is a 3rd sensor at 12 o'clock which you don't and never will need. It's only purpose is to plug a gap in the engine tin though you could conceivably use it for diagnostic purposes.
If the insulation on the speed or reference sensor is cracked (twist the wire a little and look closely) replace both sensors. They can scope out fine today and leave you stranded in tomorrow's rain or bucking on your next hot track day. They lead a tough life right over the hot exhaust and the original sensors are read to retire IMO.

Save the old sensor Find a 0.8mm thick washer (easier said than done) and glue it to the end of the old sensor to make a tool for setting the sensor gap. The tool is only necessary if you need to set the gap with the engine in the car.

Speaking of sensors, if the head temp sensor (on #3 head) is the old single wire kind, replace that now. Check the (white) plug for the head temp sensor, if it's got only one pin, it's the old single wire style.

BTW: Performance Products is a (higher priced) competitor to the Pelican Parts - the sponsor of this BBS so it's kinda uncool to talk about them in any way that would be detrimental to our host.

-Chris