The easiest option for anyone (I said easiest not best) because I am lazy.
Retain the distributor with phase sensor and make a cap for it (or leave the distributor cap in place). You may need it to drive the oil pump anyway. Also means you do not have to drill cam to take the sensor trigger.

As itchy's motor the WRC position was for ease of replacement or maybe even a redundant sensor (the WRC cars also used a twin bracket crank sensor).