So, I'm no expert on guitars but it seems to me that:
There may be an issue with the directionality of the vibration of the string. That's to say, a guitar sting does not (as far as I'm aware) vibrate in a planar fashion, but will oscillate in any normal to the string. As a result, I would suggest that a single beam that the string 'cuts' would produce varied results for each (strum? Pluck? or even throughout the sustain of the note?)
To get round this, I would suggest lasers orthogonal to the string, with detectors that pick up the reflected light.
By detectors, it's possible that LDR's would do the trick (for a really cheap solution) or photo transistors are only slightly more pricey but may give a better result. Both devices give an analog output (with the correct circuitry) which is relative to the amount of light incident on them. Therefore, I would position them such that they are at full output when the string is stationary. The string being plucked would then give an AC waveform in either one or both of the sensors (dependant upon the angle of the plane on which the string oscillates). A capacitive coupling of this signal through a summing amplifier would give you amplitude and frequency in the analog domain, which could essentially be directly connected to an amplifier.
As an electronic engineer, the daunting aspect of the project seems to me to be the perfect positioning of the laser transmitters and the optical sensors which I'm sure as a mechanical guy you'll be able to work your way around. I think the other posters here are being a little critical, the positioning is definitely the hardest aspect of what you're trying to do.
I would suggest that finding a laser with a beam width that's specified such that it perfectly matches the strings amplitude would be a costly thing so as a start to this project, I would be buying 'mr cheap price laser pens' from eBay and starting there. Get a breadboard, a few quad opamps (lm347 or similar), a hobbyists capacitor and resistor set with a few values and a couple of variable potentiometers for experimenting with the gain of the amplifiers and see how you go. WRT the electronics side of this, the hardest bit will be knowing when you have a working system. If you want to test with an amplifier, your circuit MUST have an AC output. If there's a DC component to the electrical signal at the output you can seriously risk damaging the amplifier / speaker you're using. If you can beg steal or borrow even the cheapest of oscilloscopes and get a rough idea of how to use it, you'll find this project a million times easier.
Good luck, Google well and shout when you reach a point where your circuit isn't quite doing what you wanted and I'm sure the guys here will help you out.
If you're really at a basics level with electronics / opamps / gain setting you can do no better thing than checking out EEVblog's tutorials on Youtube.