My only fear is that the receiver multiplexer might blow when the induced current is more than 20mA.
It won't happen, the Rx circuit is conformed by Inductor, mux, and Amp Stage input in series. The Amp Stage Input impedance is too high for the current to go so high at the induced voltage levels you will get. Beware, its the Amp Stage input impedance in this case, which is affected by the feedback network there is and not the OpAmp open loop input impedance. They are different.
I will try to use the pulse signal as well and experiment on it for a while.
I would try to do that starting yesterday.