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Not sure if it is worth it if you have to pay to have it done as the crank has to come out to change reluctor, the LS7 crank will be hard to balance with non LS7 pistons and rods and you will have to have spacer made for pulley.
If you were going to use a stand alone computer, would the ring work? Does the snout on the pully drive the oil pump? A spacer would be easy to machine up.