Curious. I'd sure be looking at the CPS / reference sensors too. On the E34, you have to make sure it's gapped to 1mm from the triggering wheel. Might want to verify the gap and alignment of the sensor.
I had a strange problem once when the bolt holding the CPS was loose. Couldn't really see anything wrong but it was obvious once you starting checking the unit itself.
Bellevue WA
90 535iM - not much stock remains. 3.7 liters, ported head, cammed, 3.73 diffy, M5 brakes, MAFed, yadda yadda yadda
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