Hi Eric,
If the bandsaw wheel circumference is 1.131 m, then that is within the range of the speedo and you could program it in. The readout will then show the blade speed in kph; the blade will be moving at the same speed as a bike with 1.131m circumference wheels. If you think about it, the bandsaw wheels equate to the bike wheels and the blade equates to the road, the only difference being that rather than the road being stationary and the bike moving, the blade is moving and the saw is standing still.
But you want metres per minute, rather than kilometres per hour. 1 kph =1000 metres per hour, = 1000/60 metres per minute, which is 16.67 metres per minute. This means you would have to program in an imaginary bike wheel of 1.131 x 16.67 = 21.84 metres circumference. You can't do that; it's nearly 10 times what the speedo can handle.
However, if you program in one-tenth of 21.84 metres i.e 2184mm, that is within the speedo's range, and a reading of (say) 6.7 kph will equate to a blade speed of 67 metres per minute - just ignore the decimal point and imagine it says metres per minute rather than kph.
QED (I think) but you could check with a stopwatch. Paint a line on the bandsaw blade, set it going at a reasonably slow speed and note the speedo reading. Count the number of times the line comes round in one minute. Then, knowing the length of the blade, you should be able to work out how many metres of blade have gone past in that minute, which should coincide with what the speedo said.
Andy
PS Only one magnet on the wheel.
PPS I suppose that the above calculations are a bit out, because bike wheels are sized by the rim circumference and the speedo must make an allowance for the fact that there is a tyre present. If that adds say 50mm to the diameter of the bike wheel, it will add about 160mm to the circumference. It might be an idea to program in 2184 + 160 = 2344mm; that's slightly over the speedo's max, so 2333 mm would have to be used, giving a very minimal error.