Jeep Cherokee (2000) - Jeep Cherokee Classic (2000) Immobiliser v's Crank - tonyshaw

I have a Jeep Cherokee 2000 Classic that after trying to 'bump start' a Vauxhall Signum won't start up. Tried changing the fuel line, .had an Auto Locksmith re-enter the immobiliser code...but all to no avail. It has been suggested that the Crankshaft Position Sensor is the fault....given that the immobiliser warning light is still flashing...would changing the CPS not only rectify the start up problem but also turn off the immobiliser warning light?