After numerous (and unsuccessful, so to speak) attempts to construct an analog device that mimics the variable-hall sensors, a friend of mine suggested that I should enter the Arduino world. 
Along with his valuable help while I myself still learning on Arduino programming language, we came close to something that pretty much seems to work though it's still far away from perfect.
In my case,
we used a flywheel that had 4 lobes and 2 sensors.
It's a V2, 90 degree cylinder, motorcycle engine.
We measured the dimensions of the flywheel, the lobes etc. etc. and build a sketch that integrated Timer1 Library.
Ps. ...to be continued.