I think I came across the answer. Knowing that the sensor is a reed switch, it is pretty unlikely that it is bounce free. I came across a circuit intended just for that application, a magnetically controlled reed switch. Just a 555 timer in one shot mode. Having spent so long in digital design I tend to forget the useful analog solutions to things.
Testing it in the driveway is a good suggestion. A multimeter wouldn't tell me what I need to know but I could have hooked a counter up to it, spun the wheel once and see if it caught 8 pulses or more.
Thanks,