Adaptive filter to scale and phase shift two sensors output
It seems that you want to equalize one time series to the other or vice versa or some combination. The general problem is then (in shorthand)
$$
h_1{\Large *}y_1 \approx h_2{\Large *}y_2
$$
where $\Large *$ denotes convolution, $h_i$ are filters, and $y_i$ are your time series. If you simply equalize one time series to the other, this is
$$
y_1 \approx h_2{\Large *} y_2
$$

In matrix form, this becomes
$$
\left[\begin{array}{c} y_1[p]\\y_1[p+1]\\\vdots\\y_1[p+N-1]\end{array}\right] \approx
\left[\begin{array}{cccc}y_2[2p] &amp; y_2[2p-1] &amp; \cdots &amp; y_2[0]\\
y_2[2p+1] &amp; y_2[2p] &amp; \cdots &amp; y_2[1]\\
\vdots &amp; \ddots &amp; \ddots &amp; \vdots \\
y_2[2p+N-1] &amp; y_2[2p+N-2] &amp; \cdots &amp; y_2[N-1]
\end{array}\right]
\left[\begin{array}{c}h_2[0]\\h_2[1]\\\vdots\\h_2[2p] \end{array}\right]  
$$
or more concisely
$$
\underline{y}_1 \approx {\bf Y_2}\underline{h}_2
$$
The least squares solution for the equalizing filter coefficient vector is 
$$
\underline{h}_{2,LS} = \left({\bf Y_2^HY_2}\right)^{-1}{\bf Y_2^H}\underline{y}_1
$$

You can alternatively use LMS or RLS to do recursive updates to find/track $\underline{h}_2$.

One additional comment on equalizing one time series to the other: by choosing to equalize $\underline{y}_2$ to $\underline{y}_1$, we choose one spectral weighting - implicitly. If we instead equalized $\underline{y}_1$ to $\underline{y}_2$, we would have a slightly different spectral weight for the overall least squares fit. If the filters are relatively minor in magnitude variation over the signal band, the spectral weight difference is similarly minor, but if the equalizer filter response is quite different for the two cases (can just as well solve and analyze both), you will need to assess which is preferred/better and why.