The most logical reason for the key or tip as you call it breaking off is probably a result of improper torque on the crankshaft pulley or the crankshaft pulley is out of balance.To prevent this I would highly suggest buying a new crankshaft pulley that will be balanced.To explain what happens over time the strain of adjusting the belts from the alternator and power steering and air condition pull the crankshaft pulley with varied tension and can cause the crank pulley to warp to a degree causing it to be unbalanced.While this may seem a bit strange the metal will be affected by this due to age,temperature,torque from the belts tensions pulley left and right.Best bet buy a new crankshaft pulley (note just look at the pulley while idling and see if is wobbling) this will tell you the pulley is warped or out of balance.Plain and simple!
You didn't mention what year or engine but, if it is a 4.3L and it has a crank sensor, it would be located behind the passenger side of the lower pulley ( harmonic balancer) . If it is the 2.2L engine the crankshaft sensor would be found on the lower side of the block on the passenger side, probably best to access from under the vehicle.
I cant remember if a 1994 had a distributer or not. If it has a distributer, there is no crankshaft position sensor. That information is a calculated value using the input from the distributer stator(pickup coil). If there is no distributer, then there will be a crank sensor on the front of the engine down by the crank pulley.
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