Hello!
I think you shouldn't try to mess with separated diode and sensor. There are many devices doing
what you want, why reinvent the wheel? I have made one some time ago with TCRT1000 (see
the links provided by Bigdog (Easy pulse). But you can do something smaller. A lot smaller by
using op-amps.
Note that the problem with this method is that you have to power the diode permanently.
As the low and high pass filters' order of magnitude is around 1 Hz, then you have to switch the
LED on at least a few seconds before performing your measurement so that the signal has time
to stabilize. Basically you cannot switch it off if you want a continuous measurement. And since
the signal's level AC part is small, it's difficult to do it digitally.
Dora.