If the sensor signal meets Voltage specs, then the spacing is OK.
If you change the sensor, then you want to check the spacing for clearence [.5mm/ .020"]. There are spacer/shim washers that go between the sensor and the mounting hole to make that adjustment.

Don't confuse the cam sesnor and the cam advance magnet...they are completely different, and often confused. The advance is on te front and the cam sesnor is on the side.....

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A Dalton