Ok, at the risk of being further ridiculed, here goes with the MK2 version.
Using just a steering position sensor and a giro.
My thoughts are that when TC was developed for bikes, they looked at the systems that worked on cars and then developed it for bikes rather than starting from scratch.
A bike only really needs TC when on the power coming out of a corner. If the rear spins up, the back steps out, instantly changing the steering angle. As soon as this is detected power is reduced allowing grip to be restored bringing both wheels back in line and then restoring full power. This should react faster than conventional systems because there is only 1 sensor input to analyse rather than having to analyse both wheel speeds and compare the 2 values.
A gyro could then adjust the sensitivity of the system depending on lean angle. For example, switch off for anything less than say 10 degrees lean up to full sensitivity for anything over 45 degrees. Values could be user adjustable. That way, when the front goes light and the bars get a shimmy on, it wouldnt cut power.
With less sensor inputs the system should work faster, be more reliable and be easier to set up with only 2 variable parameters to consider.