A lot of progress was made over the weekend, as well as some setbacks.
First, I took the magnets that came with my reed switches and put two of them on a piece of electrical tape as seen below.
Then I wrapped that tape onto the part of hte car that causes the bobbing action. I figured by using tape I could adjust the "timing" by moving the magnets more or less off center from peak height. I could also adjust what is needed from a magnet standpoint very easy by just using the tape.
Next I soldered 2 reed switches to the MP3 board. You can see them below (the two black things off the end of the white wires).
Then I soldered those 2 switches to the mini commander LC1 output. The one magnet pair is intended to trip each reed switch at different times. Thus, I'll get 2 sounds triggered from one output on the Mini Commander.
I hot glued the reed switches in place as a test to see how they would trigger with the car in movement. This is where I ran into setbacks. One of the reed switches would not trigger at all, the other reed switch would trigger very inconsistently. I do not believe my concept is flawed, but it certainly isn't working as I would have hoped. I tried moving the magnets and changing to a different sized magnet and many other different magnet combinations, but nothing proved to very successful.
As a next step, I ordered some different reed switches that I am hoping prove to be a solution.