I was surprised when I was told about the accelerometers. I should see him next Wednesday (not tomorrow), so I can enquire further.
I would have done a similar estimate to you;
12,000 m/s (Diamond - we'd want it to look nice :-),
or
5.0e3 m/s is good
1cm resolution is 1 part in 5.0e5, so < 2.0e-6, or 2uSec, (i.e 500KHz)
Digikey sell some low-cost, reasonably high frequency (60KHz+) for under $2, but I don't know what I'd get for 500Khz.
I think there was something about sampling, maybe something like this, maybe in Art of Electronics? I think they used an op amp to amplify/ give low impedance output, then a diode to rectify/clamp (i.e. half-wave rectify).
Would make a nice user interface, clicking the stones down on a hardwood, or even plate glass, board.
I'd be tempted to experiment with a glass board, and a web cam underneath, if I had the spare cash and time.
Good luck, and keep us posted!