Create a movie player that accelerates and decelerates the movie from motion

I need a Raspberry Pi that can play a movie. The Raspberry Pi should be able to read the rotation speed of a wheel. When the wheel goes around faster, the movie should play faster. When the wheel goes around slower, the movie should play slower. When the wheel stops, the movie should be paused. The system should have a small adjustment button/wheel to adjust the sensitivity, so that the system can be used with many different wheels. Need to be able to play 25 - 240 fps 720p - 1080p original content, to ensure the ability to slow down without choppy video. I need a complete setup guide with custom software, and hardware shopping list together with full schematics needed to make a working model of this.