I built a digital counter/timer just for checking boat speeds back in the 70's, used regular photo cells & spotlight bulbs, it was hard in the daylight to get it lined up & it worked after a fashion, today with the cheap lasers & probably a timer that can be purchased it wouldnt be too difficult, the problem is setup & the time that takes on a weekly basis, radar gun works just as well & is much simpler & theres no setup time involved. I've done both & the radar gun or geco 101 is the way to go........
ps: It is possible to get water into the geco if you dunk at a high enough speed, I hydrauliced mine & it put water in it, that wasnt as bad as getting the water back out of it, those little screws are a bugger, got it dried out & it still works....
mike