Is it in any way related to spectrum sensing, e.g. is it a part of the spectrum sensing process? And what will be the course of action if the channel quality of the sensed spectrum (white space) is very poor?
There is no need to do channel estimation in case of spectrum sensing or detection. You can use channel estimation in case there is a feedback link between transmitter/receiver of a cognitive radio set. You can not perform channel estimation unless you have exact replica of the transmitted signal in order to assess the received signal and hence process the channel effect. Therefor, in case you have spectrum sensing task only, then advise to move away from channel estimation as it will lead to nowhere.
It is not required to estimate the channel. Generally, it depends on the data used for spectrum sensing or the spectrum sensing mode (interwave, .....).
After performing spectrum sensing once it has been decided that there is no primary user available in the band under consideration, then you have couple of options to perform channel estimation for your secondary communication systems. It can be done by sending long training sequence, PN-sequence, Zadoff-Chu sequence or Gold code sequence.
It further depends on the type of secondary user wireless communication system. If your SU is WiFi then it's highly likely long training sequence shall be in use and if it's 4G LTE then it's likely Zadoff-Chu sequence.