No, it won't work. The 278000276 is a really old speed sensor that only works on a couple models from the early to mid 90s. You need the newer 3 wire version with the purple, tan, and black wires which has the water temp sensor included.
Just get a Candoo GPS sensor and forget about the wheel. It plugs right in to the OEM gauge and it's a million times more accurate than a paddle wheel.