It appears underneath the bomb stock icons- it's a little sliver of a bar, but it's there, and noticeably increases when you graze a lot.
After you get your fourth bomb from it, it disappears, however. Alongside that, you can now measure your graze using a little green counter that appears underneath the multiplier when you are not chaining items.
I should be able to get to Masa... right...? I mean, I did make the game :]
I've only cleared it's final attack without bombing or dying once, however, out of the dozen or so times I've seen it. It's too panic-inducing :I
OH WAIT CHAINING ITEMS
well, you know how the pitch gets higher if you collect lots of items at once?
I tied that to scoring :V
If you can get it to the highest pitch (or, when, I should say, it's totally easy to), then the graze counter will be replaced with a view of what your item multiplier is. It ranges from x1 to x2.
It's a combo/chain thing, so it only locks for 0.5 second before it begins to fall

High scores are now ridiculous with it in place, so I'm probably going to heighten the extend requirements by 50%.
I mean, I'm pulling 180m by the end of what currently exists of 4-1, compared to "oh, I broke 100m, that's something special!"
4-1, by the way, is slightly difficult, but the enemies drop ridiculous amounts of multiplier items.
You can raise the multiplier by six in the first minute alone, meaning that the theoretical maximum multiplier is now x40.
That, added with the fact that stars were raised to 2,500 base points rather than 2,000, coupled with the item chaining mechanic, means that stars could potentially be worth 200,000 points each by the end of 4-1. Provided you don't die.