Steve-
The issue would appear to be the shutter... or my methodology. The software/hardware setup simply uses the computers clock rate to "slice" time with the software measuring the intervals. No calibration is necessary to my knowledge. (Caveat: Knowledge in my case is entirely relative!).
The challenge proved to be that at higher speeds, say 1/125 and faster the term "square wave" becomes advisory only. The shoulders of the waves were increasingly rounded and of course closer together. I had to zoom in to get a better look at the wave structure thus making an accurate reading more difficult. Of course for the slower speeds the shoulder of the wave forms were more nearly square and the spacing nice and wide.
I suspect the photocell response time might not be quick as needed for the shorter intervals. At least that's my story for now.
Aha! I just had idea. I used an adjustable incandescent desk lamp as my light source... and I just now realized that it cycles at AC 60 Hz. Could this lead to inaccuracies at shorter intervals? Perhaps I should repeat with a constant light source such as a flashlight. Hmmm.
Bob