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I had already purchased a Schwinn cycle computer from Walmart for $11 before finding this forum because it read to thousandths of a mile - the only one I could find on the Internet that did. I may experiment with using it as a counter as was discussed in some forum posts. It can be programmed to 5999 so using 5000 and two magnets might work.
I have discovered that since the Schwinn cyclecomputer reads to thousandths of a mile or km, it only needs to be programmed to 1000 mm per wheel revolution, for one magnet, in the km mode to read out one count per wheel revolution. Disregard the decimal point when reading total revolutions. It will count to 99,999 revolutions before rolling over - which if my calculations are correct would be around 134 miles for a 26.5" diameter bicycle wheel.
WalMart had two Schwinn cyclecomputers - this wired one and a wireless one. This wired version has "Schwinn 12 Function Bike Computer" on the label. It doesn't say that it is wired but one can see the wire through the plastic packaging.
I'm thinking that I will probably use it in the normal mode to monitor when I am nearing a split. It will read to 0.001 of a mi (or km) which would be 5.28 feet (or 1 meter in km mode). For $11 one could justify a 2nd one - using one for mile splits and the other for km splits.