Arduino suitablility for a project

You should check this:

If you google you can find other solutions as well, not all can live up to your specs, but they should be able to provide you with inspiration and a good starting point.

As Mromani pointed out the weakest link in the chain could well be the time it takes to transmit data to a PC over serial. Normally this is not a problem, but if you need 1/100th sec. resolution it is probably better to let arduino handle the timing and send the data to the PC which will do the "main housekeeping"