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MegaSquirt-IITM controllers can be triggered from the negative terminal of the coil, just like MS-I, as long as MS-IITM is not being used to control the ignition timing. However, if you are controlling the ignition timing, then the tach signal must be fixed with respect to the crank position (not vary with the advance timing like the coil signal).
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http://www.megamanual.com/ms2/pickups.htm
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