I was wondering how this turned out.
Good luck, and keep us posted.
If it were me, I'd drill a pilot hole, and probably put a scew 2-3" down into what's left. Use your new one as a guide to know how much of the old one is till in the hole. The last thing you want to to is shatter only the top part of it. Then you will have to pull the motor, and tap it out from the bottom with the pan removed. I'd also try pulling it out with a slide hammer, as the shock ought to break the whole unit loose.

Most likely if you can rotate the crank p sensor very easily but will not pull out - usually its the O ring on the sensor itself that has swollen making it very hard to pull out. The o ring swells over time. Acetone and tranny fluid mix can help and sometimes carb cleaner can help as well.

I use (cut to fit) sit up exercise mats or anti fatigue foam mats to lay on top of the engines to work on them, been doing this for least 25 years.

I just replaced mine as part of a preventative maintenance project. The original one (2001 engine) had two o-rings, one up near the top and one near the bottom at the sensor end. Mine did come out with a little prying but I cheated and pulled the engine for this project. The replacement sensor only had one o-ring on it (near the top). I was initially a little concerned that the lack of a bottom o-ring would make the sensor unstable (subject to vibration like a tuning fork) but am gathering from this thread that the single o-ring design is common. In any event my caveat is that if yours is stuck, you may have the double o-ring design so if you get the first o-ring clear of the block apply a little more lubricant down the bore to make the rest of the extraction easier. A shot of WD-40 will be all that is required.

it is out
 

Well, I managed to remove the broken Crank position sensor.

Here is what I did. I used a liberal shot of PB Blaster and let it sit while I was off-island for three weeks. Finally getting back to the project, I drilled a hole directly down the center of the plastic piece and then inserted a concrete screw into the part..To remove it, I pulled up on the screw with a vice-grips while rotating the CPS. It came right out, thankfully. The new piece slid right in.

Thank you to everyone who provided advice.

[ATTACH=CONFIG]551285[/ATTACH][ATTACH=CONFIG]551286[/ATTACH][ATTACH=CONFIG]551287[/ATTACH][ATTACH=CONFIG]551288[/ATTACH]

^^^Nice work and THANK YOU for documenting for others.

good - and the follow up

your backside ground is pretty rusted up plus I see green corrosion so I would clean that up or replace and any of the connectors / connections to it. Check both sides for back side grounds. If one side is rusted up most likely the other side is to.

MPI engines hate bad grounds

Thank you. That photo really does highlight the rust on the engine ground. Any recommendations on how to best clean up the connections?

Cordless drill,,,with wirewheel brush attached to it,,,works well

green corrosion is one of the worst things to have in a EFI marine app. Its like cancer and climbs its way into the cable stands causing huge resistance. You can not see it under the insulation. At times just cleaning the connector is not good enough. Alot of times with with heavy green corrosion it is just best to replace the cable depending how bad it is or if the wire or cable is long enough - sometimes it best to cut the connector off and pull back some of the insulation to see how bad it is. If good and clean recrimp a new connector on.

Dielectric grease on the connections and studs help against corrosion.