Nothing to bash you about Tom. If it's only iffy, or even only dripping every now and again I don't see any problem with just leaving it be. If it's actively leaking onto the sensor though, it would be stupid to replace the sensor without replacing the pump as well.
People need to understand that sensors get wet to a certain extent. It's in the engine bay. What do you think happens when you drive in the rain after all.
Granted, the timing covers are there to help protect the sensors from getting as wet, but I've known of quite a few people who have gone without those covers for years and had zero problem with the sensor itself. My oldest son's car is without them and has been since the crank cancer was repaired on his last year and there's not even a slight indication of issues from the crank sensor getting wet.
Water from the water pump is different though since it's dripping from above and it's got (or should have) coolant in it. Anybody ever dip their finger into coolant? Ever felt how it's greasy feeling?
When the water pump is leaking badly the ingredients from the coolant is what I think causes the damage to the sensor. I think it coats the sensor and causes or contributes the sensor's early demise. I'm not sure if it corrodes the sensor or maybe shorts it out, I've never cared to inspect one that closely before. It's a pretty simple hall effect sensor.
All of the above is only my opinion and I'm certainly no expert in the field. I'm sure that I will be promptly corrected if I'm wrong.
