That light while starting is an alert that there is at least one issue related to the crank sensor. Were you chasing a specific problem that led you to inspect that wire/connector in the first place?
Do you have an EVTM for that year SC?
Note in this image:
CRANKSHAFT SENSOR - IGN GND
EEC-IV PROCESSOR - IGN GND
Well I blew the head gaskets and now I need to move the car on ramps, I took the intake off and got as far as this plug when it fell apart, so I put everything back together and now, it won't start
I've never tested if that connection alone prohibits starting, but I'd think in the short term you can jumper it long enough to find out, while also confirming the upshift light goes out, etc.