BUZZP, check out the LeCroy LC584XL and let me know what you think. You can get details statistics on different characteristic on a live waveform, and heck, you can even do jitter analysis. This scope has an ethernet connection to allow for information to be transferred over a network.
I don't discourage anybody from playing around, but let's be realistic here. Micro projects are notorously laborious and very sensitive to any changes (hardware OR software). If you want to measure something, don't fool yourself and think that you will design something in your spare time that will outperform a dedicated piece of equipment that has proven time and again it's usefullness, and accuracy.
However, if you really want to do this with a micro, go with a high-sample rate, high-bit count A-D, and get yourself a fast micro. You will want to run a fast micro so you have enough time to sample your data and actually process it real time. Otherwise, you will be forced into acquiring and post-processing or you will need a DSP for real time processing capabilities. (Wait a second, now is sounds like your building a o'scope).
Hopefully, you have determined a good method for connecting your micro project to your signal. You will DEFINITELY need a scope to verify that your circuit doesn't load down your signal (resistively AND capacitively). I would suggest a very high impeadance (~10Meg) dummy load, but the C might be tricky. You will obviously want to keep it very low (in pF range) otherwise you can be modifying your signal and thus the resulting measurement will be useless. If you are connecting to a clock output from another IC, you must be very sure that you don't load it down, otherwise you could cause your whole system to become unstable or crash.
Also, what programming languages do you know, C, Assembly, etc.? Are you comfortable enough to learn one on your own? Are you comfortable trying to debug your code? What tools do you have available to debug (scope, logic analyzer, software, etc.)?
Why would you want to only check to see if the frequency has changed? Don't you want to know what the signal looks like? Just because your micro tells you that the signal is operating at 50KHz, don't you need to know if it is a 50KHz sinwave, squarewave or worse, something in between? Isn't the duty cycly also important? Are you looking for glitches? If so, how short?
Once again, I applaud your desire to try something new, but I don't think that this project is as easy as it seems. However, it would definetly be a very good learning experience!
Good luck and keep us posted!