I bought a couple of Machtach kits which I built up myself, although you can buy them ready made IIRC. These not only tell you the RPM of the machine but can also indicate the surface speed if you tell it the diameter of the workpiece (or the cutter if you are milling), using imperial or metric units. After all, what really matters is the surface speed, not the RPM needed to achieve it.
You can set the number of teeth etc and it accepts a variety of sensors – IR, Hall, VR etc.
Some pics in my album showing one being built up.
Murray
There's also a 3D printable housing on Thingiverse, created with Fusion 360.
Edited By Muzzer on 10/08/2016 22:28:02