Sure, if you don't mind doing the work.
The results are not guaranteed when you buy the new one, and there are lots of post on here detailing how a new one went bad really quick.
But your odds are better with the new one.
My 89 has over 200K miles and it still has the original CPS, so just because it is old doesn't mean it is no good.
The installation is fairly involved and some tolerances must be followed in the placement of the sensor.
There are probably some members on this forum who would know how to test a CPS.
Sometimes the wires leading to the sensor break, so you might get lucky that way.