Thank you steveo for slapping me. And now, back to the project.
I think I will use the CD74HC4024E 7-stage ripple counter to count the pulses. It counts on the negative edge, though. (all ripple counters seem to, for some reason) I should mind my counts just in case.

The single chip engine controller has a Variable Reluctor decode output that you might like. The arduino should like it nicely. I will have to get with the program, and learn more about this handy little device.