Thanks for all the ideas.
I am thinking doing some Fourier analysis on the signal should be enough to isolate different aspects of the ball flight (speed, spin rates, etc). Also, if I introduce two radars instead of using just one, I can get a parallax-type effect going and the true direction of the velocity vector could be known, not to mention it would provide more observations (although I am not sure how advantageous this would be... any thoughts?). I think I high-speed would be too expensive, plus image processing is definitely not my forte.
I have been thinking a lot about all this on my spare time (and not so spare time, too...), especially the problem of estimation of parameters. I think I can come up with an accurate dynamic model that would include everything relevant for estimating the ball flight path correctly. I also have found some papers on sport journals (the resourcefulness of a grad student at work) about aspects of sport balls flight and spin rate decay models for golf balls. If I can have accurate equations of motion, I don't need to observe the ball flight for all the time that it's in the air (which is probably what some launch monitors do). I plan on using the same approach as with satellite navigation by using Kalman filtering to estimate parameters like the velocity of the ball and spin rates. If I can't get a Doppler-radar transceiver with enough range to collect measurements through the whole flight, I can just use those observations (which could be as far as 50 yards out) and then propagate the trajectory forward until the ball hits the ground.
Also, just to be clear, I am not trying to build an amazing launch monitor comparable to the high end monitors on the market. I want something that can accurately provide the basics. I know Zelocity has the PureContact which can provide ball speed and distance, but I am looking for a little more (club head speed, launch angles and perhaps spin rate). Also, it'd be nice to plot the trajectories in my computer... Another thing, even though building the radar is definitely doable, I'd like to find a transceiver already built. It would just make things easier. If you guys know where I can get Doppler-radar transceiver somewhere, please let me know.
Thanks again, and sorry if I got too technical and boring.