If your MA70 has ABS then it will probably have two speed sensors in the back of the gearbox. If it has ABS and only one speed sensor then I have no idea. If there are two then one will probably be an inductive type sensor (for the ABS) and the second will probably be a mechanical sensor (teeth on output shaft mesh with teeth of sensor) that supplies the cluster and eventually the SP1 input.
If it doesn't have ABS then it probably will only have the mechanical sensor.
(Just rereading your question) You should be able to just use the SP1 input from the orginal 7M ECU. Those engines also have an SP1 (or is it SPD on those ones?) input and there should be no problems using it.
The 2JZ-GTE gearbox in my cressida produces exactly the same SP1/SPD signal as the original 7M box did - they use identical sensors. SP1 and SPD in my experience are the same thing, no matter what engine/gearbox combo...
FWIW they produce 20 pulses per revolution of speed sensor shaft for the cluster, then the cluster usually divides this by 5 to give 4 pulses per sensor revolution for the SP1/SPD input.