2004 Ford Mustang missfire/no acceleration

First, understand that there are no codes that tell you anything specifically is defective. They merely tell you that a situation occurred within a specific circuit and that needs to be troubleshooted by a tech to determine the actual problem.

Second, P0316 has nothing to do with a Crank Sensor. It means "Misfire on start up"

You likely have a weak coil in cylinder #6. In that situation I would change at least that one coil, preferably all of them and all of the plugs. Use only Motorcraft brand plugs in that car.