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SN74HC157: Use SN74HC157 as a Quadrature Decoder

Part Number: SN74HC157
Other Parts Discussed in Thread: SN74LVC1G79, TIDA-00580

I was told by my distributor that I can use the SN74HC157 as a Quadrature Decoder. 

How do you recommend it be configured.  My input is a 2-phase rotary optical encoder, I need a two bit output or a single bit with a direction indicator.

Thank you,