IIRC people used stepper motors for such purposes in the past... of
course, this will not yield absolute position.
For an optical encoder, a 600 dpi laser printer will likely be capable
of printing an encoder wheel on plastic film which will yield a rather
high resolution when assuming the encoder wheel can be multiple inches
in diameter.
The theoretical angular resolutions of floppy media (>10000bpi) seem
favourable, but there are probably good reasons (mechanical stability I
think) that only at most a few hundred tracks per inch were realized in
floppy disk systems.
A hard drive(!) platter and bearing would probably give you the
mechanical stability required. However, the way hard drive heads work
will turn into a huge problem with varying rotational speeds and
directions. IF what you want to do is get the exact current position of
a constantly spinning shaft this might work though - in the past, hard
drives used to do exactly that "for their own use" with a one side of a
platter dedicated to this task.