Well this question won't help any but I am curious, with four pulses per rev how does it know where 0 is? I guess it doesn't care about 0 just needs to know a relative position for timing and the distributor gets the spark to the right place. If it is sensing metal tabs then that would be a VRM type, a coil of wire wrapped around a magnet. The oldest schematic I have is from a 97 C series and it shows the same thing for the CKP sensor which I believe means CranK Position. It shows and inductive (VRM) type sensor that sends its signal through a shielded wire to the engine computer. These sensors are pretty bullet proof usually. They put out a little sine wave pulse as the metal thing flies by. They are often used to sense teeth on a gear. Same kind used for wheel speed measuring. Hard to believe it is bad. Bent tabs probably wouldn't cause 20 degrees of error. I think stevebfl is on to something with the temp, vacuum, coding plug. I am guessing the computer is following instructions but getting bad info. Same trouble Bush is having with his war.

Mike

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1998 C230 330,000 miles (currently dead of second failed EIS, yours will fail too, turning you into the dealer's personal human cash machine)
1988 F150 144,000 miles (leaks all the colors of the rainbow)
Previous stars: 1981 Brava 210,000 miles, 1978 128 150,000 miles, 1977 B200 Van 175,000 miles, 1972 Vega (great, if rusty, car), 1972 Celica, 1986.5 Supra