All good stuff, thanks all
My current photdiode system is reverse biased at 20V (max allowed) and uses a TIA with an LT1226 amplifier. The issue is that it's hacked together on stripboard, and i think that is the limiting factor (stray C's and L's)!!
Because the current system is reflective, and has about 3m of Plastic Optical fibre between the trigger disc and the diodes it needs to have a fair amount of gain, which is slowing thing down, and with the LED drive on the same bit of strip board, those high currents from the pulsing are causing havoc over on the sensitive photodiode amplifier) side..
With a continuous light source (led on all the time) there should be a lot less noise around, and with a interrupter type arrangement, i can get the LED and PD adjacent to each other (perhaps 3mm apart maybe), so get a much larger optical signal, meaning less gain required.
As mentioned, the waveform coming back from the PD is going to have a variable dc offset, and have short pulses with relatively fast edges when the trigger wheel teeth pass the sensor. Ideally i'd want to have a circuit that works out the "no tooth" and "tooth" voltage levels, and perhaps sets a comparitor to one shot trigger at say 50% of that voltage, to try to get a repeatable, aligned edge? I'd need to look into analogue peak hold circuits perhaps? Depending on how the disc is arranged (ie is a tooth a "hole" or is a tooth a "not a hole") and depending on the average duty cycle of the disc (50:50 mark space ratio) perhaps i can recover an "average" voltage by just using a low pass filter, and then setting some hysterisis on either side of that value for the comparitor??