I agree with Tim, it's important at this stage to have a clear idea of how good the end result needs to be, before it's possible to make any real assessment of whether or not the design you have will be fit for purpose.
A couple of hours' work might be enough to catch any actual bugs in the design and suggest changes. By 'bugs' in this case, I mean errors that will prevent it from working as designed, not features of the design that will mean it ends up not working as well as it needs to.
A very simple circuit might just apply a constant current to a LED and measure the resulting current through an opto-sensor of some kind. This might be perfectly OK, but it will drift with temperature and over time, it won't be repeatable from one unit to the next, and will likely suffer all manner of other performance limitations which mean it's not suitable for the task in hand.
Or, you could have a much more sophisticated set-up which includes the features Tim has described, and which will undoubtedly work much better but will cost more to develop, debug and produce. You need to be clear about what level of performance is needed, and to discuss it in detail with whoever designs your board.
I deal frequently with new customers who are unfamiliar with the process of having an electronic device designed, and by far and away the most difficult thing is establishing the design requirements on day one. The one thing I try and emphasize above all else is the need to specify clearly what the product is required to do, and how it will be used. Design changes are costly, and best avoided wherever possible.
It's also worth mentioning that if you have two different engineers involved on a project, you'll likely get three different opinions on it. Everyone likes to have their own input, has their own experiences and preferences, and there's no definitively 'right' answer to most questions. I guarantee that, if I were to review your design, I'd pick holes in it and recommend parts of it be done differently. And some other engineer would say exactly the same about any redesign I carried out.