Crank Sensor
It will work. That is what TrailBeast uses for his system. It is more than a AC to DC converter, it is a voltage compliant comparator. When cranking at 200 RPM the signal can be as low as 2V p-p, but at 6000, it can be over 100V. The reluctance changes result in generation of the voltage signal. The sensing means is called variable reluctance, VR.
There are chips like LM1815, MAX9924, and NCV1124, that with a few components convert VR signal to TTL signal. I used the NCV1124, a locked rotor lean burn distributor, and my ECU, to make an electronic advance ignition. I did some rigorous testing and data logging, and found the MOPAR VR is not too good, unless you consider a few degrees of timing variation acceptable. The reluctor is small, and the roll pin offsets it on the shaft enough for runout related timing variances, related to varying signal strength changing timing. In the motion control industry VR sensing, is not used for position measurement, but is used for tachometer. It was an inexpensive way, but Hall or optical are now less expensive and better. I worked at MicroSwitch, they developed and manufactured the MOPAR Hall sensors, they had some early reliability problems, today they are robust.
I made a dual output optical distributor, ready for coil on plug, no rotor ignition. I wrote the code and well bench tested, but have not tested on car. I am working on a bucket list, to get 3 project cars completed and sold. That limits my play time. But if I clean my mess of cars and get space, I will get a dyno and have real fun.