I am building a piece of industrial machinery that will operate between 10-200 RPM. I would like to know the rotational position and speed of the shaft (2in diameter steel crankshaft). I am currently considering building a small attachment for my shaft in order to mount on a rotary encoder as pictured below ? I also have considered mounting a trigger wheel with hall effect sens to the shaft as seen in the second picture. I am sure there is a standard procedure for monitoring shaft position in industrial equipment.