This seems to me a very good idea but it may be possible to extend the concept to other sensors. Military airmen have sensors that monitor the blood oxygen content which indicates how well the lung system is operating. There may be other non-invasive sensors that monitor various critical chemical factors and these might be fed into a wireless system connected to a home computer or a cell phone. A system like this could be useful for both infants and old or helpless people at home under the care of a resident nurse or an attentive family member.

I think it is definitely possible. There were these strips that are temperature sensitive that I used as a child instead of a mercury thermometer. To use it, you place it on your forehead and wait for the strip to show your temparature. You just need to find one and attach a sensor to it. Great idea. I'll bet parents out there will love it. :)

They make these. Hospital nurseries use them.

Already been done. See Variety of Temperature Strips