Lua Based Engine Timing Light?

[PS14]

Need some help with an idea. I've been wanting to build an engine timing lite that mounts to the engine. there are several DIY projects that entail about $30 of electronics and a homemade pickup for the spark plug wire. seems simple, while i was figuring out how to make an inductive pickup i started to wonder if it would be possible to use a lua script to drive an led based on the rpm channel? could the outputs flash an led quick enuff? how would i sync it to cylinder number one? any thoughts would be appreciated. Dave

MK2 w/coilX, GM V-8 w/older HEI style ignition.