Many new cars have backup monitors with in-screen distance sensors that will turn green, yellow and red when you get closer to an object. This would be useful for long trailers so you don't have to get out and check. I'm not sure how hard it would be to get ahold of one of those systems or to set it up but it could be worth looking into.
That sounds great, I would not use the signal but a simple toggle, and go either left or right plus center rear cam. I'd only use the split screen mode.