Hi Flash, yes you can do it that way or as I do, have a slide hammer. It is a length of threaded rod about 12" long with a double nut on one end, and a piece of steel, 4" long by 1.5" diameter drilled clearance for the 5/16" unf threaded rod to pass through it.
Screw the rod into the reluctor about 1/4" to 3/8", you don't need to tighten it up and slide the weight down the rod to bump against the double nut. This should 'pull' the complete assembly from the camshaft without causing any damage.
Now, before you take the pick-up out of the timing cover, mark it's position relevant to the the lower pillar bolt and if your cover has 2 bolt holes top and bottom, remember which ones you use.
The reluctor has a notch cut out of the tapered section which locates with a peg in the camshaft, so there should be no trouble for locating it when you re-assemble.
I stongly advise you make or buy the taper tool for re-assembling the oil seal onto the exhaust camshaft. It is important not to damage this seal on assembly.
See how you go
Roy.