I believe our pickup is a moving coil or magnet type. I tried looking for pictures, but didn't come up with any that would help me distinguish. I can't get hands-on anything right now to show pictures, but I'll take some later on today. Also that measurement was taken at the solder pads for the stylus. I can scope up again later today and make sure I wasn't using the scope incorrectly.
A few other questions. Are you familiar with the MSP430 family? Will it suffice for this project? Also, will I need to get a dedicated sound card to handle the encoding? My creative in my desktop just blew up, but I can order a new card if onboard isn't up to par.