Yes, it can work, but will 1 pulse per rev be sufficient resolution? If the motor is going slow, you will get a low frequecy signal, make sure the counter clock on the DAQ card is set appropriately.
What type of motor is being used? You may already have a 'tachometer' of sorts vuilt in if it is a brushless motor.
You can buy IR LED emitters packaged together with an IR photodiode or phototransistor (looks like a [ with a slot in the middle). IR is typically used so it is immune to ambient light. The disk would go within the slot to make/break the light creating a pulse(s) per rev. They typically can run off of 5V which you can tap from the DAQ card. The IR led will need a series current limiting resistor, the phototransistor will need a pullup resistor to 5V. The pulled up output can be wired to one of the general purpose counter inputs on the DAQ card. Search LV help for frequency vi's on how to use counters to measure frequency, rememdber to multiply Hz by 60 to get RPM.
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