This would be a new level of very high resolution, I think. Distilled to CD-quality, a disk has 220MB of data, but as I said, that's distilled from the middle of the groves. An image has lots of extra information.

There is a fellow who tried this: http://www.cs.huji.ac.il/~springer/

And this:
http://www.s3.kth.se/kurser/2E1366/students/03/lightblue/index.html

(You can google for more hits on this, people have done a bunch of work.)

Near the end of the record, we see about 7 inches per second. I figure your image would need immense resolution because the height of the groove isn't something that will translate that well to light intensity, but perhaps something could be done. If you needed just 200,000 samples/second, that's 28,000 dpi, beyond the range of any scanner we have around. You could get 44,000 samples/second from a 6400dpi scan going perpendicular to the grooves. For this scan you would scan inward very slowly, as you would want 64,000 samples for each edge of the groove -- that's incredibly dense. (How "high" is the waveform on the side of the groove?)

If you could make it so a single sensor could measure the width of the groove based on light intensity, you could do amazing things, but so far the experiments in that area with lasers work to some degree but pick up dirt too much.