Real problem is the Magnum flywheel.You can do without the stock sensors with a Fast combo distr/cam/crank sensor.The Magnum assembly is lighter,so it may be possible to remove enough weight from a earlier 5.9L flywheel to match it to a Magnum flywheel.Easy way is to use the Fast set up and rebalance.On using the tone ring I doubt it would hold up under much abuse used in that way.