Quite possibly - not sure what the voltage is...or even if it relies on an induced voltage generated as the 'Pegs' pass through the Magnetic field produced by the CPS....the ECU then measures the input voltage difference....if the ecu is sending a voltage shouldn't i be able to see that
A 'scope is the best way as this will measure both a change to a reference voltage or the induced voltage produced by the sensor....
Beyond that I have no clue...I am not an Electronics Wizard, I leave that to Datatek and his co-horts!