Indeed it would (in theory), but it is expensive to (properly) build
and difficult to maintain such a mechanical contraption surely.
It depends on how flash you want to make it. Something Heath
Rrobinson'ish* shouldn't be too hard to knock up. The hard part would be
driving the pot shaft and the pot would probably be the only thing that
needs replacing. The rest of the electronics would take the same wear and
tear whatever the project.
The counter balance would also be a visible inverse indicator on the
outside.
*If I used something like an old bicycle rim**, the biggest problem would
be the local birdies using it as perch. Given a 27" rim, it would
probably be a direct drive and if I didn't want that much accurracy, I
could probably use that box of 10Mohm pots that can in a lucky dip a few
decades ago.
Hmm, digital? You could block out grey code around the spokes and have it
interrupt a series of opto receivers mounted ontothe old bicycle fork.
wouldn't need a ADC and just drive the parallel port directly.
** Given the right jargon, you could probably call it a "piece of art".