Jim (was it Gruber?) and I discussed the driveshaft issue in a previous Spridget thread about bike speedos. The problem is that the speed of the driveshaft will put out too many pulses per second for the Sigma at any decent speed. By comparison, the brake drum will be within the range the computer can count.
The cool thing about the Sigma is that you can also program the odometer to match what your car's odometer says. It's easy to write the scale factor down so you can reprogram it later. However, if you're not keeping close tabs on your odometer reading, it will be easy to loose that setting when the battery runs out. Since your Smiths odometer doesn't accurately reflect your mileage this may be important to you. Not to worry. If 3 years from now you decide you want one with the eeprom, you'll probably find like I did that the new Sigma units fit the old mounting bracket... so all you need to do is buy a new computer, program it, and screw it onto the mount.