I know you said no uC but nowadays I'd probably use an ATTiny on a breakout board (e.g. like an Adafruit Trinket). It is far too easy to use - to not use one
The timers on it and hardware interrupt handler make it especially useful for this TINY circuit.... With the Arduino bootloader it could really be 10-15 lines of code or so... (use attachInterrupt on the input pin; the interrupt handler sets a volatile variable to millis(); and the main loop just compares the current millis() to the previously stored millis() - if it is too long - the output goes low... ).
It is probably cheaper too....
Were it 1990's again, I'd probably use a CMOS counter like a 4060 driven by a xtal and some jumpers (or DIP switch) to set where the minimum rate was (obviously the hall effect sensor would reset the counter every rotational cycle and the purpose would to NOT allow the counter to reach a certain value which would trigger an error latch). Would obviously need an AND gate or diodes to sense when the count was up.
Obviously the same circuit with a variable frequency source would be simpler, with the latch connected to one of the bit outputs. But also less "programmable" and accurate in nature.