GPS Tracking for Stolen Bikes

Out of curiosity, has anyone ever heard of a cyclist mounting a sting operation by parking their bike with a low-level security lock and keeping a surveillance on it?
If you had a bike equipped with a gps tracker, and perhaps also had a spy camera situated in the area focusing on the bike, with live feed to a remote device (laptop/ iphone), something like that would be feasible.
Your thoughts?

it's been mooted
a possee has been rounded up but then it was thought it might get a bit dangerous / illegal / litigious so we all retired to the park for some cold beers