There are devices that measure bat speed. It is used under controlled situations. A friend of mine used to use one at clinics.
At one of these clinics he found a kid who measured the best bat speed he had seen. He asked the kid how he did that because he was fairly small. The kid told him. "I bought one of those bat meters when they first come out and figured out how to register the fastest readings". In other words, he found the swing that registered best, not necessarily the best swing to hit with. This player hit 1 HR in his high school career.
When someone has extremely good bat speed it sticks out like a sore thumb. We saw a high school player Jim Negrich at our predraft a couple years ago. He was fairly unknown at the time. He had the very best bat speed of anyone there. In BP he kept popping everything up, but the swing was extra special with "great" bat speed". He ended up going to Pitt (I think) and he should get drafted very early this June. The word is he's one of the best hitters in next years draft.