I understand the desire for this, and it could be implemented in some way, but the implementation as it is described in the OP is horrible. The bright green icon that is on your HUD all the time is what is really obvious and ugly. better suggestions than this have been made before that cover the same bases: when the commander has yellow and red health, the edges of the screen have a yellow / red edge when the commander disconnects, everyone is notified (with for example medium sized writing at the top of the screen) Much less obtrusive.
I only made the icon to show what I meant, my photoshop skills are not very high. So, vessboy, up for a 'lil work? :D