hinges
The pressure sender just takes readings, if it is bad yes you can drive it problem free, BUT replacing it is the only way of knowing if you really have a problem. Driving your jeep with legitimate high pressure will cause bigtime problems like blown seals, leaks, etc...
I've got a 2.5 and mine was on the block in front of the distributor. its easy to find: its about a 1x1 inch "can" screwed into the block, with a harness with a single wire going coming out of it.