Hugh,
I don't know much about the W124, but its probably similar in principle to my car. I'll go check the reference info on that and chat with brother who does have a 124 and post some info tomorrow. Perhaps (hopefully) some true expert on this model may respond in the mean time!
For now I would guess that:
1) ABS on the 124 senses the front wheels and probably the gearbox output shaft to the rear wheels, so could be a sensor attached to the gearbox. If it's not the sensors or either shorted or broken wires to sensors then of course the ABS black box unit could be u/s; but more likely and hopefully (as cheaper) to be broken wires or sensor, and not the ABS box itself.
2) Rev counter probably driven off an output from the engine management unit. Not sure if its a variable voltage or just a series of pulses, will check mine.
R.