[charlescrown]

Basis OBD2 code reader won't read ABS unless you get a more comprehensive reader.
Not sure if their inductive sensors but your reading does indicate that. Drive the car jacked up and see if you get a nice AC voltage output.

 

[charlescrown]

Has the new tone ring got the same number of teeth as the old one? Some manufacturers have a shim under the sensor but If it gets too close it may hit a damage the sensor.