LBC,
It really depends on what you'd want to measure. If you just want to measure how much light of the laser falls onto the sensor, you can try the following:
Keychain bullet-style pointer are very simple lasers with no real regulation, just 3 batteries, 1 resistor and 1 laser diode. The casing is very thin and could almost be cut by ordinariy scissors. You are left with the diode on the pcb with the resistor and switch glued to a shiny pieve of plastic that holds the collimating lens and conducts the current.
The switch should be bypassed, solder a wire across the terminals of the switch. The spring is the negative lead, the shiny case around the LD and lens is the positive "lead". These pointers should take about 4.5v or lower, but 5v is too much and the LD can emit up to 10mW before it dies.
You need to make a circuit that pulses the laser diode. A function generator can be used for testing, but mind that the voltage may not become negative. A pulse generator works fine. Simple oscillators based on a single opamp exist too. Let the diode pulse at say 1khz, that is high enough for most uses.
The easiest way would be to connect the photodiode to an active filter, this takes a single opamp and filters and amplifies the signal. A bandpass filter around 1khz should filter practically any signal not belonging to the laser.
Phase sensitive detection is harder, but a decent filter would get you quite far without. Simple silicon photo diodes should only be a few $, only very fast, large or IR photodiodes should be more expensive.