Shoot, if using an arduino, that is an easy one. Feed the tach signal into an appropriate filter circuit, test for RPM above a threshold for X amount of time. If RPM is above minimum settings for said time, send power good signal or what ever you want. When RPM or power signal drops below a threshold, start a timer to shut down after a set time. I did something similar on a push button starter circuit. The device worked great. But alas, I am not a push button start type of person. This could be modified to do what you want with a minimum of hassle.
Keep tuning my friends.
Chet W.
[This message has been edited by chetw77cruiser (edited 12-24-2012).]