The sensor is hooked up and I've done a few minor time trials. With the data collection feature, I'm able to automatically generate plots of various practice runs.

In the above graphic, I have two of my runs, plus one of my son's.

Total cost so far: $4.50 (I needed a socket for the connector, bought at Radio Shack). I had the rest of the parts at home, plus the reed sensor was sent by my dad ($1.50 or so, shipping).