For my 1942 single lever Heavy 10L I didn’t want to muck up the gear cover so I pressed a rare earth magnet into the opposite end of the bearing clamp hole
and then put a small TO-92 size hall sensor in a plastic tube shoved into a bracket.? One pulse per revolution is fine for my Electronic Lead Screw which shows spindle RPM or if the tool tip is calibrated from the centerline it’s possible to read SFM.
This is for a heavy 10L, but maybe it will give you some ideas. I used 1/8" dia rare earth magnets (four), mounted in 3/8" dia aluminum pucks epoxied to the gear. They are sized so that the magnets would pass very close to the Hall-effect
sensor. The sensor was mounted on an aluminum tee bracket affixed to a spot I flattened off and added a tapped hole. This sensor was part of the accessories offered with the old MachTach kit which unfortunately is no longer made.