It might not be "load bearing" in the structural sense, but there's still weight on it from the wall above it. The rim joist would need to be evaluated as to the amount of damage it had and where it was to determine if it needed to be replaced.
To raise this to replace the sill plate, I would attach 4x4's to the joists so that the 4x4's were perpendicular to the joists. The 4x4's would extend to the middle of the last joist bay, next to the sill plate. On top of the 4x4's I would add a "T" shaped 4x4 vertical support. The top of the "T" would run under the first floor wall studs to the first basement ceiling joist. The vertical part of the "T" would connect to the top "T" and the bottom 4x4 that was attached to the basement ceiling joists.
You would place these setups every 16" along the damaged sill plate.
You would place the bottle jack under each setup in sequence. Jack up the house a little at a time and place a vertical post(4x4) under each set up along the line. When you get it up enough, take out the sill plate and install a pressure treated piece in it's place. Work your way along the wall until your done.
If you're going to replace the rim joist too, nail them together and replace the set at the same time.
Offset the two ends so they don't line up.
Shoot nails throught the rim joist into the wall above through the subfloor.
The rim joist/ sill plate replacement will be done more easily from the exterior of the house.
Resheath the rimjoist and redo the siding detail.
Lower the house back down.
Install bolts through the new sill plate into the block foundation cavity filled with concrete.
If you want, you can put down a sill sealer first before to put in the new sill. This will seal out any drafts. If it's too difficult, you can shoot foam in there to fill the gaps.