Sounds good!
As soon as I get home, I will measure the sensor with the oscilloscope. Since it is an inductive sensor, I think we can use a VR sensor from the M50 non-vanos. (M50 with vanos has a hall sensor). The M70 sensor is connected exactly like the sensor on the M42. So pins 16 and 44, pin 44 is grounded. I attached the schematic.