Old drives like FDD and HDD are easily available. This fact encourages to implement and construct such a device. Old stepper motors from not used nowadays 5 1/4” station and motors that drive plates in hard discs HDD are excellent for this purpose.
A basic disadvantage of cheap pulse encoders is their small precision of making connecting elements, what causes small precision of performance like loosing pulses. Quite big difficulty is using a proper software in microprocessors systems, if it is for mechanical encoders. Sometimes that can disable using the interrupts for another purposes.