I would clear the code and see if it comes back.
If it does, it's because the ECM is seeing a problem in the wiring/sensor path to ground. I don't know about Mitsubishi, but many manufacturers use a shielded wire to the sensor. If it is chewed up, it could short to the sensor shield ie. low resistance. If it's not shielded, ECM is seeing high resistance ie. open wire.
it should bee easy to check. I'd also check for any grounds at the intake/heads that could create a problem in the "ground loop" that the ECM is looking at.
Either way, since the ECM is seeing it, you probably won't see timing advance, and may actually see "Limp home" mode from the ECM ie. you aren't going to run worth a dam, and you need to repair it.
Kary