I have been using a reed switch to measure wheelspeed on a bicycle. It works fine as a digital input but at higher speeds the reading is not excellent.
I would like to sub the reed switches out and use hall effect sensors.
Yes you can do it with that sensor. How have you connected it to the Arduino? Do you have the magnet and the sensor in the correct relative orientation?
I get 10k rpm on powetballs (hand gyro thing) and it uses a reed switch...
Of the 2 kinds of hall sensors, you need the cheaper of the kind which simply gived a low/high value depending on the magnets polarity as it passes the hall sensor the more expensive hall sensors give a value of how strong/near the magnet is.