Without having pictures to describe what I think is going on, here's my best shot: After searching the 'net, it seems that the cam sensor is like a clock (12 segments that are pie-shaped for descriptive purposes only), with every other segment open to the magnetic pickup. I've seen the gear on the bottom only once and can't recall how many teeth are on it but I'm willing to bet there are 12 also.
So if you have 12 "settings" to place the sensor into one will be matched to the correct cylinder/stroke. My other guess is that the sensor is closed to the magnetic pickup for "X" degrees (to allow the coil time to re-energize?) and open for "X" degree that would equate to 6 - 60* pairs of open/closed totalling 360*; I'm assuming EVERYTHING. Hehe.
If the above are all true, then the voltage should only be present on a voltmeter while the window is "open", meaning you can twist the sensor beyond the window in either direction which would indicate the voltage drop. Therefore, the voltage MUST be present to have the sensor aligned properly.
So, when I go to set the cam sensor, I will put the #1 cylinder on TDC compression stroke, turn the crank 25* farther around, then loosen the cam sensor and twist it clockwise as far as it will go, looking at it from the driver fender. Then I will twist it counterclockwise, and expect the voltage to increase (I will be back in the window again when it increases). Then after the voltage drops a second time in my case from 6.67 to .42 when it leaves the window, then slightly twist it back clockwise until the voltage pops back up to 6.67. At that point, I am on the cusp of the window opening to the magnetic sensor and life should be good.
Is this correct?