A single LED (point light source) will cast an image through the holes that expands the farther you go from the tape. Just move the photodiodes back an inch or so from the tape, to where the projected dot spacing matches the photodiode spacing.
@Chester: For what it's worth, here is what the paper tape looks like:
Hi David -- I think you were trying to include a link to the image of your short paper tape program on Flickr, but for some reason it's not appearing -- if you email me the image I will make it available to folks.
Thanks for posting the request, Max. The paper tape in question is about 56 cm long, and it seems to be 4 bytes per cm, so 224 characters.
Of course I could simply re-write it, and I don't know where I'd get a BASIC interpreter, but if there is too much human in the loop I'm not sure if it's "authentic". (Ideally I want my printout written with a type ball using a well-used ribbon. :-) ) OCR might feel authentic enough; I suppose I could type in each byte if the tedium doesn't induce errors, and write a quick translator. (Graphics is not my strength, so I can't write the program to read the image.)