Hey Sarchar -
I think you and I have been thinking the same thing :-)
I have an online version of this implemented at bitgo.
https://bitgo.com. It probably doesn't offer all the combinations of key creation that you're looking for yet, but send me an email (
mike@bitgo.com) and I'll send you an invite. Would love to get more feedback.
mike
Cool, I'm glad someone else has been thinking about this. I actually have developed two scripts (a create and a spend) in Python that will produce the proper transactions to accomplish this. I could publish them if anyone's interested.
What kind key combinations does your implementation allow? Does it work offline?