You still need the phase sensor.

The dizzi cap then just becomes a cover to keep that dry.
You can get alloy covers to make it look good but I prefer the cap as it
makes people who dont have a clue wonder how the engine still runs.

However, you could relocate the phase sensor to the cam cover
but thats a fair bit of work and ZERO performance gain.

If you do that, you still need the dizzi to drive the oil pump but that
can be replaced with an adaptor kit and again for ZERO performance gains
but looks good.