Bob,
Yes, the inertia of the motor causes a high start-up current, but its inductance will cause a current ramp-up for each current pulse while running at a constant speed/load. This will also delay the pulses and reduce their averaged level.
I am glad that you managed to free an analog channel to read the averaged voltage that will be equivalent to motor current.
The PS2501 has a broad range of coupling, for current that flows through its LED, to the current that flows through its coupled transistor, of 80 percent to 600 percent.
So the PS2501's transistor will need an opamp with an adjustable gain, for you to match the PS2501's coupling. Then the output will follow the input with a predictable scale. See page 6 on the data sheet here:
http://www.csd-nec.com/opto/english/pdf/PN10225EJ01V0DS.pdf