Not to burst your bubble. What happens if the part moves in index? Are imaging where you grab?
A DVT camera is a great off the shelf package! Easy to integrate. $5000.00 or so.
If you plan on doing vision systems a lot in the future, and want to save a lot of money, you can develop your own...
If you use rotary encoders you are still going to want to use proximity switches to determine "home" position, or where the encoder counts are referenced from. Overtravel proximity switches are sometimes used for safety as well, in case the encoder "counts wrong".
They...