Diagnostic criteria for Pervasive Developmental Disorders (including Autism, Aspergers, and others) include delays in social interaction skills, communication skills, and the presence of stereotyped or restricted behavior and interests. Based on your description, it doesn’t sound as though you have concerns with her social development, and there is a reasonable account for language delays (a bilingual household). However, direct (in-personal) evaluation by a qualified professional is necessary for any diagnosis. If you haven’t already brought this to the attention of your pediatrician, I’d recommend doing so now. Be sure to discuss both the behaviors that you are concerned about (“stimming” is more formally referred to as “stereotypy” in the literature), as well as developmental milestones that she is (or is not) meeting. As to your main question: Engaging in stereotypy does not mean that your child will end up with a diagnosis of developmental delay or an Autism spectrum disorder– plenty of typically-developing infants and children engage in forms of stereotypy.
Regardless of her diagnosis, childhood behavior problems like stereotypy can typically be addressed through consultation with a Board-Certified Behavior Analyst (BCBA). If you feel that the behavior is stigmatizing or interfering with more adaptive behaviors, you may want to consult with a BCBA. This professional will want to spend time directly observing your child as well as interviewing your family, so that they can provide recommendations on how to best address the issue. A local BCBA can be found at the following site: http://www.bacb.com/consum_frame.html
I don't know anything about the incidence of stereotypy in in children with sensory processing disorders, so I'll have to leave that question unanswered.
Best of luck to you and your family