Hi mbailey,
To do vibration analysis you should really use a signal which gives you a phase reference signal as well as just speed. Bently Nevada's term for this is 'keyphasor'. It is a pulse which occurs once per revolution and allows the displacement of the shaft to be determined relative to the bearing housing.
Have a look at how the vibration specialists like Bently-Nevada and Emerson CSI take their measurements. Both are best known for their products which use inductive sensing, but they might have an optical version available.
Nbucska's idea is a good one if you can manage with speed only and no phase information. Do you have, for example, a coupling or similar where you could use an inductive sensor to detect the bolt heads as they rotate past the sensor? This could be installed without stopping the machine, although whether you would want to work so close to a rotating coupling is a question to consider. If it is a temporary installation, a mag-mount base which would normally carry a clock gauge could provide an easy method of mounting the sensor.
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