Yes, Mitsubishis use the crank sensor as a fail safe for the fuel pump. Unlike other vehicles (American cars in particular), Mitsubishis (as well as Toyotas) use the crank sensor as the fuel pump trigger. The reason for this is that if you were to get into an accident and a fuel line ruptured, this system automatically quits pumping fuel all over the ground. Since the line ruptures and the engine can no longer run, the crank sensor stops getting signal and so the fuel pump is stopped. On a key-on system like General Motors was known for using among others, if this were to happen you would pump fuel for minutes after the engine shut off (They used the oil pressure switch to trigger the pump).
So yes.... no crank sensor signal definitely would mean no fuel pump operation on this and all Mitsubishis... its the leading cause for mistaken pump replacements :)
To change it... this is a large job I do not normally recommend for DIY's unless you are really comfortable with this sort of work. You will need to do the following:
Unhook the battery
Drain the coolant
Remove the radiator hoses
Remove the fan shroud
Remove the fan clutch
Remove all belts and tensioners
Unbolt power steering pump
Remove bolts from accessory plate (The big aluminum plate) and remove
Remove lower timing cover and upper driver timing cover
Remove crank bolt (~137 ft lbs spec torque... anticipate much tighter though if it has been on there a while) and crank pulley
You can then unbolt the crank sensor (two 10mm bolts) and pull it out... however it is very tight behind the timing belt. It is usually recommended to just change the timing belt at the same time anyway though since you are several hours of work invested at that point. If the belt is not due for replacement you can slip the sensor past it though... again it is just very tight clearance.