I think this is a nice and viable solution. You should definitely be able to find a cheap android phone(check with Stars Communication
price list) that can run
this app. There are many alternative to this app but seems like that's the most popular one.
There exists some limitations to this on our 3G network in case of indoors there may not be strong 3G reception and the GPS may not work properly anyways. But I think you should give it a try as it wont cost too much, would be interested to hear the feedback.