Crankshaft Oil Slinger is it a must or not???

It's a must. You can buy new ones from Mancini Racing new for $10.
They aren't a must, when you say something like that one would imply that there would be a failure of some part if not running one which there won't be.......with that said I would put it back in if I had it and or order one if time wasn't a big issue, but if the engine needed for some reason to be back together before one could be obtained then it wouldn't bother me in the least.