This looks good--and looks a lot like a recipe for the famous and very different Cincinnati chili. I am sure it would be good on a dog also. But serve it over spagetti with onions, cheese, beans for a "five way Cincinnati chili".
I think coney island sauce might have one thing in common with Cincy chili--the boiling the meat in water. It makes for a much finer meat sauce which is what I associate with it. I also think it is much simpler--just meat,tomato sauce,onion, garlic,chili powder, etc.
You piqued my interest and I googled and found this one that boils the meat in tomato juice. I think I'll give that a try but I'll have to add some tomato paste also. Haven't thought about coney sauce for a long time.
Coney Island Sauce
If you google, there is also a recipe for A&W sauce.