First ensure if the stock MPFI is either simultaneous or sequential, and once you get it all figured out it will become easier to decide what is going to bring you more peace of mind. However the 4-tooth crank sensor and resorting to the distributor for cam position makes me believe it's simultaneous. I remember some 4-cylinder Opel engines from the same vintage resorting to a similar approach, even though the distributorless wasted-spark ignition relied on a different pick-up for cam position.
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