Electromagnetic non-destructive testing (NDT) systems have been used in steel strip production lines for a long time. Indirect electromagnetic determination of approximate yield and ultimate strength values can be considered state of the art. However, the excellent mechanical properties of advanced high strength steel (AHSS) are particularly sensitive to process variations. Characteristics and homogeneity of texture, grain size and secondary phase content are crucial during forming and welding of steel strips. Ultrasonic methods can be applied in order to indirectly characterize these properties. Deviations which have not been detected in the rolling mill are known to cause flaws or expensive and time-consuming downtimes of the press. The crash performance of the automotive structure is affected by these properties as well. Current in-line NDT systems determine only a subset of the required parameters and do not assess their homogeneity across the strip width. This raises the demand for NDT solutions which assess a larger set of material characteristics in multiple locations at high strip speeds. This paper describes a probe design which allows ultrasonic time-of-flight measurements as well as Micromagnetic Multi-Parameter Microstructure and Stress Analysis (3MA) using a common, minimal set of components. The implementation of a simplified yet advantageous incremental permeability and eddy current impedance analysis based on this probe type is discussed, and first results are presented.