Gregory;
Sounds like your 454 is one generation older than the one in my son's boat. (The sensor on his distributor can be replaced without pulling the entire distributor out. It's a Gen V motor though.)
That being said, you might want to consider changing the distributor sensor on your other motor. Apparently the 454 is prone to issues with cross-firing due to several factors. Parallel plug wires (especially # 5 and #7), dirty or corroded distributor caps, and cracked sensors can all cause it. In any case, the result is extreme pre-ignition caused by a cylinder firing out of order. This is what caused the piston damage on my son's motor that forced us to do a complete rebuild.
We knew we had a blown head gasket, and if that's all we had we would have been back in the water a lot sooner. But when the heads came off there was a large chunk of the #5 piston missing. Every mechanic that has seen that piston (or a picture of it) has said the same thing: detonation and/or cross-firing. Since we know his timing was good and he always runs 91 octane, we could rule out detonation right away. But when it finally died and would not restart, he noticed the distributor cap was corroded badly. When we replaced it, the engine fired right up but sounded terrible. That's when we started tearing it down and found the piston damage. I firmly believe that if he had he replaced that cap when he bought the boat, we probably wouldn't have had to rebuild anything.
Anyway, the point is that small ignition issues can lead to very expensive repairs. So yeah, I think I'd change out that sensor on the other engine just for peace of mind...
Adam