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I think your mechanic is thinking how hard it would be for him to replace the revolution sensor, but it "can" be replaced with the compressor still connected to your AC system, because the ring is on the clutch side of the compressor, outside the compressor housing.
The flashing AC light is an indication that the compressor speed has slowed down relative to engine speed. The AC ECU interprets this to mean the belt is loose, or the compressor is turning way to hard and may be damaged by continued operation, or the clutch is slipping. Sometimes a poor retrofit from R12 to R134a will cause this problem. You may also have a clutch that is starting to go out on the compressor. You may also have a wiring problem involving the revolution sensor harness.
I would certainly check your belt tension before throwing in the towel, and check to make sure all your wiring involving the AC compressor looks good with no opens or shorts. You may want to watch your compressor when it is on to see if you notice any slippage. Just a note that, if the AC compressor has not been touched, it is very unusual for the revolution sensor itself to fail.
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