Thanks for the advice guys! The axle in question is an 8.8 from an 04 Cobra. I found a deal on CL that was too close to me to pass up, so it's been taking up space in my garage for awhile now while I deal with other projects, and troubleshoot potential issues. I had the bed off this weekend, and realized that the VSS might pose a problem.
I figured with all of the axle swaps that off road guys do, somebody would have a simple solution for eliminating or moving the VSS.
The pic RonD posted with the tone ring on the driveshaft might be doable. I'd probably have to have a custom driveshaft made anyway.
Might be able to drill/tap the Cobra pumpkin or rear cover and locate the sensor there too. That will take a bit more thought and troubleshooting to figure out.
If anybody else has ideas/suggestions, I'm all ears.
I suppose there's always the option of eliminating the VSS from the tune and switching speedometers to a GPS based unit too right? Something like this:
https://www.google.com/#q=gps+speedometer&tbm=shop&spd=2220268047681371210