Does any one know how many amps this sensor draws? I want to get a 12v to 8v converter to run it being I fried mine when I had my alt spike. I was going to get one from radio shack and give it a shot. Unless does any one have any other ideas? Maybe a zenier diode?

best time so far 14.3 @ 101.1mph(no traction)
www.cnnmotorsports.com

No idea on the current draw, but I seriously doubt it's more than 1/2 an amp. The easy way to get a ballpark would be to measure the resistance between the 8+ line and ground. current (amps) = voltage (8 volts) / resistance (what you are measuring, in ohms)

After a quick search of Digikey, this seems to be a pretty nice regulator. It can supply 3 amps, which is probably overkill because there's no way that a crank angle sensor needs 24 watts to function.
http://us.digikey.com/scripts/dksearch/DKSUS.dll?Detail?Ref=364815&Row=157679&Site=US
According to the datasheet you can go up to 30 volts on the input, so it should be able to withstand your alternator spikes.

just make sure when you do your resistance test, there's no power in the circuit

I am getting 500ohms when testing so it needs less than 1/4 amp. That regulator you showed me will shut down over 14v. I cannot find one that will work good.

best time so far 14.3 @ 101.1mph(no traction)
www.cnnmotorsports.com