Why I think it should is...someone a lot smarter then me designed the circuit. I asked for a circuit that would convert a 0 to 5 volt square wave into a square wave signal that would cross zero. Requirements were -5 volts to +24v volts peak. The peak to be adjustable with a pot. As far as adjusting the peak this works as planed. It is just does not go below 0v as required.
The signal needs to cross zero so the engine management ECU can read the signal as a variable reluctor type signal.