Many runways have something called PAPI (precision approach path indicator) which does something similar. Basically you have four (or two sometimes for less precise version) lights which appear either red or white depending on whether you are high or low on the glidepath and you aim to get two reds and two whites - more whites means too high, more reds too low.

I can see that this would be not very intuitive for left/right guidance but are similar systems used in ship navigation?