I had just posted this in the main forum a few minutes prior to joining this group. Figured you guys (and girls) could likely provide some healthy feedback.
http://forums.azbilliards.com/showthread.php?t=195619
I actually have another idea on how to implement this into standard tournament format without the need for a "time keeper" (the individual responsible for keeping track of the shot clock). By eliminating this extra person, the system could be utilized in the early stages of a tournament on every table, rather than just on the TV table.
I'll elaborate on how this can be achieved in a later discussion.