Apparently there is something like that in the works. There is a Youtube video of it. I don't have a link or even the name of this product, but i've seen the video. The problem is it's vapor, and the video shows a seriously flawed product made to look slick, from what I could tell.
What you describe is a novel concept, but might be impractical with present day technology. A first attempt character recognition program, most likely will be frustrating.
Then again, who knows.
