That’s really discouraging Matt but this has to be a simple issue but maybe easy to overlook. Does the engine free rev easily? Looking at your toothed wheel setup is your ignition angle set at about 80
degrees in TunerStudio? It’s been a long time since I did this on my Megasquirt but I remember having to scratch my head for the longest time before I caught on. Essentially the goal is to give the computer a heads up that tooth #1 (TDC) is coming when the 80 degree tooth crosses the sensor which should be enough. In fact 80 is the example they give in the manual on a 32-1 wheel.
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