Help chosing a spindle speed sensor to indicate spindle speed in mach3

I recently acquired a D&M 5 lathe. I used the thread http://www.cnczone.com/forums/bencht...m_5_lathe.html to overhaul the machine. I used a varipak controller and the G540, as well as some new steppers from hobbyCNC. I have managed to get the X and Z working and I can turn the spindle on and off, in Mach3, however I am having issues with the VFD, although that is not my main concern.

I am looking to purchase a new infrared sensor, to use as a spindle speed sensor as the old one is not working. However I am completely new to these sensors and I have no idea which one to chose. My goal is to connect it to mach3 so that I can have an accurate spindle speed, in the program. I have a supply voltage of just under 20V so I was wondering if the one below would work:

Here

This is my first thread in this forum, so I am not sure if this is the best place to post this thread.

That should work OK, If you are using the 20v for the emitter side your need around a 750ohm in series, if you are outputting the detector to a 5v input you need around a 2.2k pull up resistor.
Al.