Interesting idea, but I think that you'd have to put quite a bit of money and effort into such a solution would be quite high. You'd need a differential GPS to even get centimetre resolution while a total station usually provides millimetre resolution. Using a three-axis accelerometer and magnetometer to get yaw, pitch and roll with respect to compass directions together with a data logger is quite simple in principle. The low-cost devices you can get these days have error margins between one and a few degrees, and in particular the magnetometers are quite susceptible to calibration issues (so while precision may look relatively good, accuracy may not be). Of course you can get almost any precision if you're willing and able to pay for it, but there's a big price jump between the low-precision (and low-cost) chips (that are mass-produced for the smart phone and tablet market) and high-precision devices.
If you were working somewhere where you can't put control points it may be worthwhile looking at yaw/pitch/roll solutions because your camera parameters are all that you have. But especially when working with close-range projects, setting up a few control points is just too easy and cheap.