Exactly my idea for a pet project for a long time. The only difference was my intention to use (ultra-)sound tracking as well.
Early on, I dismissed ultrasound - unless some kind of funky triangulation went on, I think the resolution would be far too low and risk of false positives too high - but I'd be interested to hear any thoughts you had on how that might work. That said, recognising the flight noises of certain bugs would make sense to me - only as a way to trigger a stop-and-sweep cycle though.
But as much as the idea excites me, "real" exploration of the space will only happen when I get lots of time and a fair bit of money - and maybe some land! Alas, I'm nowhere near that point yet.