Yeah, you can drive it like that as long as ya need to. Not going to hurt anything aside from a slight drop in fuel mileage.

Why they put the connector for that sensor on top of the transmission is one of those mysteries we will never have the answer to.

Rock Auto usually has good prices on the sensors, plus, there is a discount code thread in the FAQ/DIY section to make it even cheaper. Adding shipping to it though, it might end up being about the same price from your local parts store.... Price 'em out, see what ya find, take it from there. Do NOT let them sell you the Bosch sensor. Yeah, its cheaper, but, as I said, our trucks just don't like 'em.

Happy to be of service.