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I use these already, to track animals.
Battery vs signal strength is an issue, since you'll have to hide it inside the seat tube and that usually disrupts the signal. Maybe theres a way to pin the antenna to steel frames? Not sure how this would work universally.
You'll also have to have a way of charging it without removing it from the frame. A cable coiled in there with it? Perhaps some kind of clamp on proximity charger for carbon bikes, like a toothbrush charger!?
Then you have to consider that you will have to keep it topped up and charged every time you use it, which could be every day. You wouldn't want it stolen on half a charge. Remote on/off switching via the app would save some battery and prove useful (on or armed once locked up, off otherwise).
Then there's data, which can actually be quite cheap. Most consumer UK systems use gifgaff or the like.
You can't use traditional VHF for tracking in an urban area with any real success, trust me.
A relatively simple model could work. I reckon it could be hacked from readily available components (i.e. not purpose built) for a homebrew version.
All you really need are:
This gives you a device that can be tracked on an independent basis.
You could even go old-school and use VHF / UHF.