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If by electronic monitor you're referring to the Guardian, it's essentially a magnet with a couple of contacts close to the surface. When enough ferrous material builds up on the magnet or closes the loop and your indicator lights up.
It's basically a chip detector. It will save you from catastrophic failure but in the end you're still in for a tear down.
There was a guy in the Porsche club who did vibration analysis, as is used on machinery all the time to predict bearing failure. He was very knowledgeable and used precise equipment, and posted some impressive findings in club newsletter.
But ask around and it can't be done.
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