The reluctor wheel itself, rarely causes problems, unless it has been installed improperly.(it is indexed differently depending on roatation)
You can double check it by looking at the direction arrow on the reluctor itself. If the roll pin(between the reluctor and the dist shaft) is in the same slot as the arrow, the dist rotation should match the rotation of the arrow. If it's in the other slot, then it should turn the other way. This way they used the same reluctor wheel on BB and SB applications, even though they turned opposite directions.

The magnetic pickup itself can cause problems, but usually won't run at all. If you want to replace it, The pickup assembly can be purcahsed from a local parts store, and is fairly inexpensive.