If there's a (barely audible) click when you bring the magnet close to the switch, that confirms that it's a reed switch - which is a simple switch, shouldn't be fussy about cable length to within the few metres you're likely to want on a bike. In which case you could graft a spare sensor (from a sacrificial Aldi computer maybe?) onto the existing wiring, solving the mounting problem.
Glue and snappy plastic are the really hard bit of fettling electronics these days
Ah, a common sense approach. I was trying to think how I could test it electronically
It also makes sense (see what I did there
) that it would be a reed as a coil would be just too finicky in a real world setting
Looking at the Ant+ compatability table, it seems that the Edge705 will only work with the combined sensors, not the separate ones
But looking at that and alternatives, I think my new approach is bodge my existing sensor as planned, perhaps with the use of a sacrificial Aldi unit as suggested by Kim) and if I really bugger it up, get something sensors to work with my iPhone and sell the 705 on