Yes it can indeed be done.
Although I never submitted it, (couldn't see any reason for it as someone else had done more or less the same thing), I found that a cheap cycle speedo could indeed be set such that it assumed a wheel diameter of about 4 inches, and as such it showed the lathe speed more or less correctly. There were a few idiosynchronacies (have a spelt that correctly?) in that the least significant digit appeared as, I think, a small character (usually a decimal speed at normal cycle speeds) and at high speeds, it seemed to go a bit awry. But it worked. For calibration checking, I used the (free running) lathe which has nine fixed speeds. From that, I was then able to get some indication of the speed of my milling machine which has an electronic controller but no speed display.
Also, someone did recommend another cycle speedo which actually had an rpm range built in. I have the device, but never used it, indeed, I think it is still in its original packaging.
Cheers,
Peter G. Shaw