Looking for a Proximity Sensor

I am in search of a sensor that can sense holes in a fishing spinning reel spool. it is to set off ether an audio alert (HORN) or visual (LED LIGHT) or both as the spool rotates at variouse speeds. I have 2 spools, 1 metallic and 1 plastic. I am currently using the plastic spool with a strip of copper glued to one side of the spool. When a fish runs with the bait causing the spool to rotate, an Alan Bradly Inductive sensor puts out a signal as the copper strip passes by the sensor. A horn beeps and light flashes at whatever the rate the copper strip passes. I like to find a sensor teamed with an Arduino Uno that could do the job without any metallic strip or magnet. do you have any suggestions or is this even possible?

You could use a standard hall effect sensor (with a magnet on the reel) https://www.sparkfun.com/products/12629 or affix a small tab that passes by this https://www.sparkfun.com/products/246 to generate a signal every time it passes by