Hi C-Dog. I had one go on mine, the engine will go into a limp home mode thats why its missing it wont let you rev over about 2000 rpm
The sensor is about $200 and I dont think there is a lot of labour to fit it.
I you turn off the engine for a while it will start and run normaly until it decides the sensor is not working and it will go into limp home mode again and then if you stay under 2000 rpm it will be ok to get it to a mechanic.
I drove mine around for a week before I could get a sensor, the sensor just gives the computer the position of the cam angle as it advances and retards the valve timing as the engine speed increases or decreases, it should not cause any damage if you dont push it too hard.
