Any exposed wires are bad on a position sensor. The outer jacket is a shield for the signal wires. If you have a multimeter, test pins 1 & 2 on the sensor. Should be about 1280 for the cam sensor and about 680 for the crank. Test the other two pairs as well (2 & 3, 1 & 3) - those should be very high, like 100K ohms.
I don't think the sensor heads are the same length on the M44 crank sensor, but all the M42 parts are the same regardless of model. Your buddy's sensor should work for you.