Thanks dtokez!
I don't know if the timecode vinyls are the same. I guess you can easily figure that out. Just connect the output of the turntable with the timecode vinyl to any line in and record the audio input. I tested mine with Audacity, you should be able to do the same. If you zoom in very closely you should notice sine waves or any other wave.
As for the project, I have no plans 
I thought I can easily build serato "digital" turntables out of old analog turntables using a mix of this technique and the one posted here -> John Graham-Cumming's blog: Conversion of cheap optical mouse to robot odometer (to track the position/speed of the turntable).
Have you got anything interesting in mind? Let me know! 