its a simple 2 condition sensor, on off. It detects magnetic flux which is absent when the slots come round. During the period the slots are under the sensor there should be a break in the signal to the solid state switch, that closes the circuit needed to discharge the coil through the dizzy. No high tech management needed. There should be an ignition module though I think.
Disclaimer: This is based off my installation of pertronix into a spitfire dizzy, and should not be take as gospel but rather a place to start.