I suggest a simple PLC, setup as a Modbus slave and equipped with a HSCouster (if required , depends on the frequency of the input signal). Use the PLC counters to calculate the flow signal, place the result in a register and send the register to a modbus master when requested. I can suggest a S7-200 CPU from Siemens; not expensive, the S7-221 has integrated power supply, 6 inputs (of which 2 can be set-up as HSC) and 4 outputs, and there is a program block you can install that uses the programming port in a Modbus slave mode. There are probably many other alternatives available on the market.
I would use a Siemens S7-200 with a small program to convert the pulse train to required units, then use the modbus library to configure the serial port as MODBUS SLAVE.
Take a look at MOX Products MOX603 I/O Counter/Frequency module. It supports up to 100kHz, has 4 individually isolted quadrature input channels that can be configured individualy for continous counting, periodic counting and frequency measurement plus enhanced functions such as high/low frequency alarms. The standalone MX603I/O modules support Modbus RTU communications via the ethernet port, 2 RS485 ports and 1 RS232 port.
dae manufactures amr module, which can measure 16ch pulses from water meters and acculumated then convert to modbus rtu ; module also equiped led data display counter to view datas. http://www.daeinstrument.com
this module has eeprom to store counter data even power interrupt. and a software filter is desined to reject abnormal pulse signal like bump or electric interfenernce signal.
I have several facilities offshore that all use Control Microsystems PLC units. Using the "flow" block and a counter input, the plc will store up to 35 days of counts. Many of the systems have been in service (accumulating oil / water) for over 6 years.
It is VERY easy to configure and works without a hitch.
Acromag manufactures a Model 942MB-0900. This is a Din Rail mounted, 2 channel Frequency/Pulse to RS485 Modbus RTU slave device. Acromag also makes a Frequency/Pulse Counter to Ethernet Modbus TCP/IP (reference Model 989EN-4016).