You may want to talk with members of 111 and 217 because similar type things have been done with StangPS and Cross the road electronics (Mike Copioli, 217)
http://www.wildstang.org/main/stangps.php
http://crosstheroadelectronics.com/products.html
They can probably give insight to some of the pitfalls and benefits of this.
Good luck sounds like a great idea.