Make sure the area is clean and be careful not to break the tabs in the wire leads when reconnecting the new crank position sensor. Brake parts cleaner works well on getting the area clean and use a little oil on the rubber gaskets when installing the new sensor.
Most 8.1 liter engines do have a problem with the crank sensor. The only way to really diagnose the problem is to get the engine to stall and not start. You will have to see if you are getting spark wile the engine is cranking. If you are not getting spark, the most likely cause is the crank sensor. You may want to call around a see how much the sensor is to have replaced. The crank sensor is located on the rear of the engine on the drivers side next to the transmission. Its hard to replace even if the sensor comes right out. Sometimes the sensor breaks and you have to extract it from the block. You will have to do this from under the truck. Now if you have spark, then you will need to check the fuel pressure with a fuel pressure gauge, should be around 45-60 psi. Again, the only way to diagnose the problem is to get the engine to stall and not start and check for spark or fuel pressure. The crank sensor and the fuel pump do not set codes when they go out. Auto Zone i believe sells the Crank sensor for around $50.00 and the cost to have it installed at the dealer is around $325.00.