Thanks. I didn't think of stainless steel (probably because I am totally not an engineer, and don't even play one on TV). I would usually shy away from it for anything that requires strength but I guess the sprocket is dowelled to the cam, so the bolts probably aren't doing much (and are only 8.8 by the looks of that pic - not mine by the way)...
I will do some bench testing I think, if I can rig something up.
Which means I can avoid drilling an accurate hole and mounting the sensor for a while, which will be the real challenge for my limited skillset and tools...