This is a few years ago (maybe 20) but Red Lion Controls used to sell a niftyLCD readout tac that would couple with a sensor easily mounted anywhere convenient on the spindle.
I installed one on my Hendey lathe.
http://www.redlion.net/
I installed one on my Hendey lathe.
http://www.redlion.net/
Busy Bee 12-36 lathe, Busy Bee Mill drill, Busy Bee 4x6 bandsaw, Homemade 9x17 bandsaw, Ad infinitum.