Hi MP3test,
There is another way to get the signal you want, and that is to epoxy a magnet to the wheel near the controller cover, and a hall sensor on the controller cover, so you can sense each rotation. You could then route the sensor wiring with the existing power/signal cables for a neat installation. Really, you could place the magnet anywhere on the wheel, and the hall sensor at an appropriate radius/distance. It may even be possible to sense the motor magnets with a hall device near the hub at the radius of the magnets.
It has been a while since I've played with an Arduino, but I don't think the I/O ports must have 50 mA to function, but can function with up to 50 mA without damage. A typical Input current would be in the nano/microAmp range, while the Output can handle as much as 50 mA, depending on the impedance of the load.
TTFN,
Dennis