Now is the time for you to purchase some samples of possible components that you hope to use and GET DOWN AND DIRTY YOUR HANDS AND EXPERIMENT.
YOU need to establish what your components can do in the REAL WORLD.
YOU need to check if the wavelength discrepancies will hinder the response?
YOU need to make a POC (Proof Of Concept) model and play with it.
YOU need to take the next step and see if your ideas work.
Stop over thinking your project and experiment and find out if your basic concept, for a start, will work.
I saw the max output listed at 5ma. So to get the max out I assumed 3.3v and 4ma. There is no data to predict Vcesat but I assumed getting below the 1 volt for a 3.3v Arduino is doable.
I like the one I found firstly because it's an IR laser and will be picked up by the TSOP better and second because it has an ACC driver integrated, which means that the pesky amperage regulation is done on board.
Experiment. Now. You make it harder with IR because you can't see it. Start with red so you can see what the beam is doing. I think you will find that the dispersion idea is a canard.