If you have all that available, it should be a cool project.
I had done research on the crank wheel support, and the problem is that the crank wheel on a k75 is actually essentially a 3-1 wheel, with 2 hall sensors allowing it to impute the missing tooth without having to wait. I think the stock bosch system uses the point where both sensors have a rising or falling edge (forgot which) at the same time to sync with (i think) cylinder 1. I considered using some logic circuits to convert it to an ersatz 3-0 and 1 tooth dual wheel setup. But I'm not sure you could code it to be accurate with the megasquirt methods, since the megasquirt really depends on counting the teeth to sync the spark.
One other option I considered is to make a timing cup that fits in the existing location with more teeth. One of the guys who did a K75 turbo did that, and used an optical sensor for what I think was a 12-1 wheel. I also considered modifying a stock K100 wheel as a starting point with the stock hall sensor, but those sensors aren't capable of using super small teeth, and the most I could have done was probably a 6-1.