Correction, the NT does have a camshaft position sensor, it is in the rear bank cylinder head, and there is a trigger wheel bolted to the sprocket at the camshaft. The sensor itself is installed in a hole in the front of the cylinder head, somewhat facing the middle of the V. I have a picture of it somewhere on a computer that I could track down and post on this forum.
I did all the NT valve adjustments myself and it's clearly visible when you have the rear cylinder head cover off. As far as the engine being able to run with a missing crankshaft position sensor signal, I suppose theoretically it's possible, but the ECM in the NT is not that sophisticated. I'm pretty sure it needs a valid and proper waveform from both the cam and crank sensors to run properly.
Bottom line is, if you have a failing crank sensor you definitely need to replace it, it's better than being stuck by the side of the road with a non running bike.