I do not think phonic wheel has anything to do with your problem and here's what our colleague thinks of it, you might be interested, posted in
this other topic
As for what's causing your problem, my money is on the faulty thermostat. The thermostat is broke, it doesn't close when it should. When you hit high speed, the wind hitting the radiator cools down the cooling liquid, that beeing a moment thermostat should close to keep the coolant within working temperature. But it doesn't and the coolant temperature overall drops too much. You won't find any related errors stored but you do get the intermittent check engine light because ECU feels something is not quite right.
So nevermind pausing the music but watch the temperature gauge. Normal needle position is bang on the middle, I say you'll see yours lower than that, possibly just a quarter on the clock.