Part of the confusion with the sensor alternating business is historical.  Early Raven pumps used an inline flow sensor which didn't work out so great.

Later in history they went to the alternating type arrangement which is what you apparently have.  You may notice that there are two ways this sensor can be plugged in.  This is to support both the older Raven consoles that were expecting that the signal should always be present when life was good versus the newer consoles/displays that are expecting the signal to alternate.

I forget the marking on the label but you want to use the connection that would be used with a Raven Sidekick console (the alternating type).  Your observation that the LED blink rate is dependent of the pump rotational speed is correct.

Your Meter Cal from doing an actual "Catch test" with real product should be in fairly close agreement with Raven's suggested Meter Cal on their tag.  This involves the divide by 10 step that is needed when using Raven's cal with an Ag Leader product.

For example, my Meter Cal from Raven was 110 pulses/10 ounces.  This would convert to an Ag Leader meter cal of 11.0.  After an actual "Catch test", the refined Meter Cal should be close to 11.0.  If not there is a problem with the pump.