Mounting a cam sync off the timing cover is a great way to go. I have done this many times. The process is buying a cam sync sensor like the MSD 2346 and installing the magnet in the cam gear (drill and epoxy in the magnet). There are some considerations: 1) If the cam gear is ferrous you must isolate the magnet with the aluminum collar that comes with it. 2) The magnet has a N and S end. You must mount it with the N side out. If at all possible you should check the signal from the sensor before committing. I have had several 2346s when the N/S wasn't marked at all. It must be positive going first. I check my magnets on the bench, with a wood wheel mounted to a drill, and an oscilloscope first. 3) Sheet metal timing covers are flimsy and pretty thin. The sensor screws in, so if a cast cover is not available add a stiffener on the outside to give you some thread thickness. 4) Decide on the EFI system first so you will know what the cam signal timing must be.
