The central paradox of losing your glasses is that if you need glasses you can't see well enough to find them.
I think that there is definitely a market for both products. I can't imagine some of my ageing relatives wanting to fire up an app to find their keys (they don't own smartphones anyway), but for my use I'd like the additional features that this solution provides.
Perhaps a StickNFind base station could be built at a later stage.
Make the 'finder' unit a powered, portable wand-like device which pulses the tags, and makes sound or light in proportion to how well it is pointed toward the desired target, and how close it is.
(Regress to finding a misplaced 'finder' wand: give the wand a charging base station with the basic push-button-and-wand-beeps behavior. This base station might also include whatever UI selects which target you're seeking.)
With this design bluetooth is probably not involved or beneficial.