The first thing you must do is to short out two terminals in the check connect box,
http://www.cygnusx1.net/Supra/Library/TSRM/MK3/manual.aspx?Section=IG&Page=20
and if you are using a strobe light with a variable setting set it a zero.
I answer to your question, yes you can remove the cam sensor and relocate it in a position where you have more adjustment, just make sure the grove and hole on the sensor shaft line up.
http://www.cygnusx1.net/Supra/Library/TSRM/MK3/manual.aspx?Section=IG&Page=24
If you do need to remove the sensor you will need to remove a coolant pipe coming from the top of the thermostat housing to the turbo, so personally I would recommend you remove the top rad hose and top cam belt cover and check the camshaft timing pulleys are lined up with the match marks at the correct position.
http://www.cygnusx1.net/Supra/Library/TSRM/MK3/manual.aspx?Section=EM&Page=29
All the information you will need is listed in the on line cygnusx1 site, any problems let us know.