The more I think about it, I don't think the CKP for the 4.0L 6-speed needs a spacer, and it wouldn't do any good if it were there, since there's no real way to adjust the depth of the sensor. I have a commitment tomorrow afternoon, so I'll wait until after that to give it a shot, in case I bugger something up.
If that doesn't fix my problem, the next step is to hit the u-pull-it for an older Cherokee/Wrangler fuel rail that I can plug a pressure gauge onto.
do you have 1 bolt or 2 bolts holding the sensor in ?
