One thing you could consider is a rowing speed coach. They work just like a VDO Sumlog (ie impeller with magnet and sensor) but are very compact. One could be fitted to a transom hung stick of some kind. They are very accurate and run forever on a coin type battery.
Most newer ones have GPS.
We have just sold our son's speed coach for $200 complete with speed and stroke sensors and mounting bracket that cost us $500 new.
See
www.nk.com.au/cms.cfm?std=1 also keep an eye out here for second hand units.
www.rowtrade.com/Here is one that will measure your excited heart rate as you exceed hull speed.
www.rowtrade.com/index.php/classifieds/buy/item/107-nk-gps-speed-coach-w-heart-rate You might have to buy the other bits from NK.