Do you have 4WD or 2WD/RWD? With 4WD, the tone aka reluctor ring is inside the hub, not replaceable separately, but those never go bad, rather it would be the hub itself (bearings) shot so the ring is not close enough to the sensor any longer, or metallic particles from bearing wear are fouling the ring, getting between the teeth.
If you had significant corrosion on the hub where the sensor mounts, you might try cleaning that off, in case the new sensor is not close enough to the ring.
If you have RWD, the ring is on the back of the (front wheels') rotor, and you might be able to clean it off.
HOWEVER, that C1234 code is for the sensor itself not being seen by the ABS module, so if you clear the code, and next time you run the vehicle, not driving anywhere yet, then if the code comes back you know it's not the tone ring because the vehicle has no feedback about whether the tone ring is doing its job if the vehicle isn't moving.
One thing I would do is pull the connector for the ABS module and check continuity between the corresponding contacts for the right front sensor, and at the connector for that sensor. More info about possible connector pinout in this topic:
What's the resistance of the rear wheel speed sensors of a 2003 Ford Explorer Sport Trac to test it with a multimeter? What is the best way to test rear wheel speed sensors and wire?
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