Yes it is possible to measure speed from the raw ac but it is not as easy as many assume.
I have not found a commercial dvm that you can directly connect on the frequency range and get a reliable answer.
Many of them will do it with some careful filtering of the input but that doesn't always work out easily. If they use analogue f/v conversion then filtering is usually ok. If they are true digital in the frequency measuring department you have a major project cleaning up the waveform.
I have an ancient transistor frequency meter designed round the very first junction transistors and that will work on the raw waveform and is foolproof.
I have used the 2917 tacho chip for all my other applications and that works perfectly well with a fairly simple filter if it is run from its own isolated supply. If you try to use the mill battery as the supply then the input filtering is challenging and an opto isolator gives the easiest and most reliable results.
Best of luck and double check the answer when you get it, it can be done, I would use the 2917 chip rather than a multimeter but others may not agree.
Flux