Arduino tempo control

I am building an analogue CV step sequencer from a pcb I got from Synthrotek. I was interested in whether an arduino could be used to give me a Tempo control to replace the analogue potentiometer tempo control on the sequencer, and also provide a display of the tempo in bpm?

For the potentiometer part take a look here: http://www.mouser.com/Catalyst-ON-Semiconductor/Semiconductors/Digital-Potentiometer-ICs/_/N-4c498Z1z0jln8?P=1z0jdij

http://www.casperelectronics.com/images/finishedpieces/sequencers/switchScheme.jpg

This is about the same idea if i understand the circuit board correctly, and either one of your suggestions would work for my purposes as long as i was getting a more precise control over the tempo as well as a visual display to tell me what speed im sending.

Thank you for the responses! All help is appreciated!