The 360 pulses are actually used on on the rising edge and trailing edge, so it is 360 slots making 720 degrees of res. Phenomenal resolution, best in the business, I don't think any engine ever got better. Then there is another slot in the wheel, a 10, 20, 30 and 40 (IIRC) degree res, which is used solely to determine where #1 is, so that there is the ability to start firing the engine within 90 degrees of engine rotation. Providing killer fast start ability.

So you would need to translate the 360 pulses to the (24x?) res pulses the LSx needs, probably just as easy for any LSx PCM. And somewhere in the middle of that pulse, you need to introduce the additional pulses the LSx uses to determine where #1 is. Basically it has a fairly complex wheel that gives good detail at where it is while keeping the basic 24x resolution (like used as 48x, like the LT1 does by using the leading and trailing edge pulses.

http://www.compstarcomponents.com/Cranks/LS1-Rear.jpg Study the wheel, you will see the 24x wheel, and the other wheel next to it, those together make the complex 24x that carries high res and discrete crankshaft location. Hard to explain really, but it is pretty cool how they did it. The LT1 is superior though for absolute precision, but the LS1 is dirt cheap and that is the name of the game.

http://www.charm.net/~mchaney/optisprk/optisprk.htm

So, can it be done? Sure. Take a little bit of thought, but honestly I don't feel it would be too hard. Might be a neat project to get looking at. I'll dig up in my 99 Truck FSM and see what the LS1 needs for signals and bounce it against my 94 Fleetwood LT1 FSM.