Well, it's definitely not as precise but I'll be using the 555 as a frequency divider. Configured as a monostable multivibrator, when the 555 is triggered by a pulse at pin 2, the RC network will first have to be completed before any subsequent pulses at pin 2 can trigger the circuit again. I'll use a pot in place of the R allowing me to dial in my pulse width. I'm testing it on my prototype and although it doesn't have the precision of a nuclear sub, it's pretty good so far. I'll compare the signals from the hall to the output of the 555 on an o'scope tomorrow to see if the in/out ratio is consistent.