MagicMike

I had previously always used afr, but since heading towards multi-fuel setup, have made the change to lambda. If you remove all references to afr in your life, it isn't hard and doesn't take long to make the adjustment!

It is not a preconfigured input.  It is just a place for the settings that are specific to ethanol sensors (i.e normally DI's dont have fault settings etc).  So you still need to set up a DI just as you have shown (except dont forget to turn the pull-up on!), then you can make further tweaks in the "ethanol sensor" settings menu item if required to make it behave they way you want. 

Iecku, I just thought I would mention a little bit of info that many people miss.  These kits appear to use the Honeywell 1GT101 sensor, these sensors are much slower on the rising edge than the falling edge.  The datasheet quotes a 15µs rise time Vs 1µs for fall time.  So for at least trigger 1 (that controls the timing) it would be more correct to set the trigger edge to falling. Even though 15µs is only like 0.9 deg at 10000RPM, if you can get extra accuracy just by a simple setting change - then you might as well use it...

I will add a little more info just for user knowledge:
You generally want your gap to be in an area of least crank acceleration.  For a 1, 2 or 4 cylinder, 90deg before or after TDC is a good position.  For most engines 5 cylinders and up the crank acceleration is smooth enough that position is less critical (ignoring odd-balls like flat plane V8's). You generally dont want the gap to be within your normal running ignition timing range.  For most engines this means you dont want the gap in the range 0-40 deg BTDC. Number of teeth on the crank trigger should be divisible by the number of cylinders.  So for instance 36 teeth is good on a 4 cylinder but not ideal for a 5cyl. I have never observed the "sync tooth position" being quite as critical as the help file makes out (within the 50% window would be very difficult to achieve on a 60-2 set up!), but it is certainly always advisable to have the sync tooth nowhere near the crank "Gap".