I have a 92' Ford Ranger XLT with 2.9 V6. I need to get the water pump replaced since it's starting to leak. Would it cost much more labor to replace the crankshaft position sensor since it's in the general area. The sensor is the original one from 92'

Absolutely - preventative maintenance will save you many headaches
Besides the sensors are relatively inexpensive

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1988 Ranger STX, custom built flatbed, winch, 33x 10.5 BFG mudders
1974 Suburban (AKA "the sub") lockers front & rear, 383 cu in not even close to stock motor, snowplow 37 x 12.5 HUMMV tires, 4.56 gears
1952 M38 (CJ3) Jeep - my newest project - 289 ford, hardtop, got it with not one wire in it. Hope to have it driving this year

When I had my water pump replaced in October, I learned that my 2.9 V6 does not use a crankshaft position sensor.

Yeah id check around before just asking for it to be replaced (especially if you don't 100% trust your mechanic they may take you for a ride) some of the older 2.9's use batch firing so its not dependent on the cam sensor not sure when if ever the 2.9 switched over.

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New DD-2009 Mustang GT/CS candy apple red

(For Sale)2003 XLT 5speed swap, Hurst Shifter, STX valance SLP drop coils, thunderbolt hood scoop,Screamin demon coil, Flo-pro super v, 1.8:1 Morana rockers, Roush sway bars, SCT tuned by Fred at Rogue, Taurus E-fan, 15x8 Torque thrust wheels gunmetal on chrome, Led 06 tails and smoked HID projectors, mud flap delete, painted drums/calipers, Rear flip kit.

I thought '90 was the first year for crank sensors
My 88 doesn't have one

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1988 Ranger STX, custom built flatbed, winch, 33x 10.5 BFG mudders
1974 Suburban (AKA "the sub") lockers front & rear, 383 cu in not even close to stock motor, snowplow 37 x 12.5 HUMMV tires, 4.56 gears
1952 M38 (CJ3) Jeep - my newest project - 289 ford, hardtop, got it with not one wire in it. Hope to have it driving this year