Yes I am pretty sure that powercoating the CRANK pulley is not that good an idea, but the fact you have spark and fuel shows this to be working, as the CPS input provides this NOT the phase sensor!

The phase sensor, gapping along with it being timed correctly in relation to the engine, is massively important, it's used to provide SFI.

I am pretty sure if it's open circuit etc then the fueling will be running in "batch mode", which would explain the overfuelling.

Martin