Most hondas up to around 1998 or so used only the distributor so you're already running at 1/2 the engine speed. Later models added a crank speed variation sensor that bolts to the oil pump and triggers off a toothed wheel behind the crank pulley.
Also, limp home features are very important to carmakers so they can do lots of things to get you home if a sensor fails. Some cars just drop down to batch injection when one of the rotational sensors fail. In theory you could run an engine off a single sync pulse on the crank or cam. It just wouldn't work that well.
-Michael
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