Thanks Hondaman, exactly the information I was looking for. Plan is to make a tab that sits between the bolt and washer and bends up and make a flat for the hall effect to pickup, that'll be mounted on the valve cover. With the bolt clamped down and tight I should be able to clock the pickup then lock it down. Plan is to do sequential injection with a crank pickup as well, photo's to follow. It is microsquirt based, should help give me some more control on the hondamatic with the turbo. stock spark advancer is deleted and will just be a 24-1 tooth wheel on the crank.
Very cool idea for a 'Matic!
You GOTTA put a build thread for this one.
Please?

If I personally had (have?) the chance sometime, I want to build a Megasquirt on a CB500/550 (with all LED lighting, it'll need that to run the 'squirter) because I believe there is 60 streetable HP lurking in the Mid-Four that's just never been coaxed out of it. The main reason is/was the politically-forced carb system(s) it had to have in the 1970s that limited its performance for emissions reasons, at low cost.
I have seen a CB500 dragster before, with much-modified intake tracts and 4-2 open megaphones that could beat stock CB750s in a dragstrip situation. The bike was reputed to have 1st-oversize Honda pistons, aftermarket cam, hand-built exhaust and some form of EFI [from some other unnamed bike]. It was running about 9000-10,000 RPM shifts and left the line like the lightweight it is. I don't remember the ETs offhand, but it was running up against KZ1000s and CB750s and holding its own.
The CB500/550 also has poor intake ports in its OEM configuration, largely for the afore-mentioned emissions reasons of the time when it appeared. With adequate carbs/EFI an augmented intake tract could really liven them up, as it even does with stock carbs.