Here is the simplified schematic of Tascam TT-M1. And the connecting part of the CD player, how it seems to work.
There is a KE-204 optical encoder with a 360 tick encoder wheel. The 5V power is provided by the CD player for the unit. The push button generates a signal for the CD player to send the power I think.
Here are some pictures of the disassambled unit.
The Channel A and Channel B signals are 5V square wave signals. The phase shift should be 90 degrees according to the datasheet, but it seems to be incorrect.
Some crosstalk can be seen in the scope, but It is perhaps because of the measurement conditions, and the lack of chassis grounding.
The Tascam wheel turns 8-9 while the vinyl turns 1 rotation. It means that the base frequency is about 1660 Hz, but it is only an estimation. It is close to the time code vinyl base frequency fortunatelly, so similar range could be used for both applications. 0Hz – 4 KHz roughly.