I have not used the TCFT 5000 that you reference, but it appears to be a relatively standard implementation of a common sensor. Here then is some Basic Stamp code and usage information for a "similar project".

Parallax, by the way, has a TON of sensors (and information) to interface with their Basic Stamp - a device that is programmed with a similar BASIC to PicBasic. As a "noob" I often look there first; their documentation makes it easy to evaluate the complexity of the interface, measurement range... and guides me to hardware I can easily use. I believe that a fair number of hobbyist Pic users began there.

All the best in the new year--