SOURCE: Exhaust Manifolds and Synchronizer & Sensor
You can drive the car nearly forever with these noise concerns, the trans noise which is the synchronizer ring may cause an issue in the long run, I have no clue what sensor they are talking about, but sensors don't make any noise, they are electronic parts.
SOURCE: CMP (camshaft position sensor)
FYI... I just pulled my (2001 Taurus 3.0L) sensor-drive assy last night because of same "chirping". There is a bushing on the drive assy which chirped when it was manually turned. Whole process took less than an hour.
So, technically, you just need to replace the drive assy, but, if the price is right, I agree, change the sensor too. (And keep the whole unit as a back-up. It still works, howbeit noisily.)
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