simple LED readout of rotary motion

This should be easy for you but since I'm a mechanical and not an electrical type I am needing a little help.
Just need to output the position of an arm that moves back and forth
over a range of motion of 30 degrees (total) to linear (equally spaced positions) readout on a 10-segment LED bargraph (therefore a resolution of 120 positions per rotation). I will also need to wire one extra lamp to one of the 10 lights and will need to wire another lamp and a buzzer to two of the end lights (so that if either light is lit it will activate the lamp and the buzzer).
The only other trick is that the system needs to withstand repeated cycles such as a change every 2 seconds and must last 1000 hours. Therefore it needs to withstand about two million cycles (assuming a cycle is any change in position, not a complete movement through the entire range).
Oh, of course it has to be dirt cheap and simple :) Doesn't everything?
I would like to stay away from an optical encoder but if I have to go there to get my 2M life I will. I would also like to stay away from a processor based system.
Where to look and/or start? Simple circuits already out there?
Thanks folks!
Joa
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well, I have to imagine it would have to be non-contact, or an optical encoder. Potentiometer wipers probably wouldn't like that much useage.
I would think that a series of break beam optical sensors could drive led's directly.
Mike

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