Is this trigger wheel (2 teeth on iron/steel disc)
possible to use with this Volvo sensor ?
The Volvo sensor is most likely inductive, it measures 160 Ohms between two pins and one pin has no connection to the others (shield). I vote for Honeywell GT1 but this sensor is free (not my choice).
Here is the car, work in progress, just painted after all body and chassis work:
