I have yet to see the wireless part in action, or it's invisible. Either way, I don't know the protocol so if it's at all possible, I'll need to know that first. I'm also not really sure of the tally light timing (accuracy) but it should be possible if it's instantaneous, only depending on the 'lag' (rise/fall speed).
I suppose the other option would be to some how control the pre-flash and send the signal that way, however I'd think you'd need to put an IR filter onto the flash so it could be used as a trigger? Just a theory. Of course the hard part is still finding the protocol and I don't know if there's a huge demand out there to do this. I would love wireless flash control, and it would certainly mean that our P&S has another leg up on DSLRs that way. I kind of intend on getting the ST-E2 at some point, not sure I want to take it apart to figure out how it works, but might be the only way to learn the protocol and by that point for me, I already purchased the solution that I was hoping to avoid.