There's another electronic tach/SFM calculator similar to the Tachulator. It's the MachTach.
http://www.machtach.com
There are two disadvantages to the MachTach. First off, it's only available as a kit. (-BUT- there's an offsetting advantage. The kit is only $56 (less power supply and enclosure), with free shipping to the US, $14 international. Tachulator is ~$120, assembled) Secondly, it's a one-man show, and there have been times when the kits have been unavailable.
The Mach Tach allows using/entering any number of "slots" (light/dark transitions) on the shaft between 1 and 60, allows entering diameters from .01" to 99.99" (or 1 to 000mm), displays RPM from 0 to 9999, displays SFM from 0-9999 (or surface meters/minute from 0 to 9999). You specify inch or metric mode when you order.
Several sensors are available form MachTach - IR reflective, slot-type optical sensor, and Hall effect sensor.
For further info, check their website or the MachTach Yahoo group.
Bottom line: The MachTach has pretty much the same specs as the Tachulator, and you can save some money if you DIY.
Disclaimer: Other than having bought one, I have no connection to MachTach.
Best wishes!