Using a Gyro For Determining Tire Rotation

I am using the ITG-3200 Sparkfun Gyro and am wanting to obtain the rotation of the wheel. I plan on placing the gyro in the center of the rim, and obtaining the z-axis reading. However, I am not sure how to do this exactly, or if this is the best way to do so. It is going to be placed on a racing quad so the rpm's will be rather high. I am then going to use the rpm's to calculate the wheel horsepower and torque and log it to an sd card. I am just not sure how to go about reading the z-axis and converting that reading into actual rpm's. Can someone please help me with some basic code. I am new to electronics, but not programming. I know several programming languages, HTML/CSS, Visual Basic 6, VB.NET, C++, C#. I know logically what to do, I just don't know a lot about sensors. Thank you all in advance for the help.

Hi, How are you going to calculate Horsepower and torque, just from speed? Looking at the sparkfun video the output would work, if the output has the span to show the speed range you need.

Tom.... :)

Well it looks like I may have jumped the gun and misread the formula for obtaining the hp and torque. You must first know either the hp or the torque to find out the other by rpm. Looks like it is back to the drawing boards for me.