So, I used the hole for the sensor as an inspection port (like a moron, the thought had never occurred to me), and saw an extremely rusty reluctor ring, that appears to no longer be where it's supposed to:
Click image for larger version. 

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Looks like it rusted, may have split, but moved outboard of where it's supposed to be. I've got a new ring, I'll post some pictures of the ring when I take it off.