Hi Ron
Regards a rev counter you could use a "Bicycle Computer" with the trip magnet on the lathe spindle.
There was an article in "Model Engineers Workshop" a while back that gave all the info How to do it.
You program the wheel circumference to 167 centimetres then the reading needs to be multiplied by 10
Therefore 127.5 = 1275 RPM.
Here is link to the controls that I use
http://www.surpluscenter.com/Electrical/Motor-Speed-Controllers/90-180-VDC-SPEED-CONTROL-W-POT.axd
They are small and compact and fairly easy to wire up BUT they must be set up to suit the motor being used.
You need have the skills required to do this as high voltage DC current is very unforgiving and can be FATAL.
Use the existing motor pulley and flywheel as it helps with a bit smoother running construct a new pulley for the counter shaft to match the "Poly Vee" pitch on the motor.
When you are up and running you will have an even more smooth running an very versatile machine.
Eric