SP2, is as you say 4 reluctor (AC waveform) pulses per gearbox output shaft revolution.
SP1, is 4 pulses (squarewave) per revolution of the speed sensor. The SP1 signal to the engine ECU is the same (effectively) as the gearbox mounted SP1 speed sensor signal, or this SP1 signal is generated in the dash if your auto is driving a speedo cable... However it's worthwhile to note that there is an ~6 (There are also other teeth number gears available...) teethed gear on the gearbox output shaft that drives an ~18 teethed gear that is on the sensor (that generates 4 pulses per revolution)...
As the SP1 sensor is driven from gears, the gears can be changed as needed by Toyota in the factory to make sure the engine ECU (and dash) gets the correct actual road speed given that the same car might come with different wheel and diff ratio options...(this is handy so that the auto shift points are correct in regards to road speed).
So you can see that both sensors are 4 pulse per rev, but they arent exactly the same... you wont be able just tap the one sensor for both signals... and you don't need to!
If your auto gearbox is set up to drive a cable speedo, then simply change the cable drive for an electric speed sensor at the gearbox.
If you don't have a dash that needs the SP1 signal then you can simply wire the output of the SP1 speed sensor to the engine ECU and it will work correctly
Cheers
Wilbo
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