wats the model of ur car, nd Plug wires Distributor walli hain k Tappet Cover walli. as timiing sensor Tapet cover walli wires k sath aya hai, i had a similar problem, the sensor wasnt working, a new sensor is worth 2800, but luckily my car had a burnt wire,
BTW if that sensor or anyother sensor isnt working the car wud give the CHECK ENGINE light
secondly as ur saying that ure not only facing low pick up ure also facing a low speed problem that might be due to a faulty clutch plate, pressure plate.