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Yeah, there's already been a couple mods to do just that, by Bill Hindley and posted on my site. That's essentially what the Hasbro think would be if they made it. Just parallel photodiodes connected through the Thunder Pack port. Bill said the range is fine, though. I think TagFerret mentioned a better design that would require a little more components, as well as modding the taggers (even the Drone and TMB, I think) more, but wouldn't reduce range, and might even make range better overall. But that's more expensive to make, and less likely that Hasbro would do it... I think.
Anyway, yeah, it's pretty much a "big boy" club/game type thing anyway.