Great idea. I just hope this sort of thing isn't over-regulated.
I had a similar thought. Less about the regulation, more about liability. If I'm deaf and I pay for an app to tell me when an alarm is sounding, I have a certain expectation that it has been rigorously tested and will work without fail. And I'm a software engineer who understands the limitations and failure modes of such applications on non-real-time, commodity kit. Please be extra careful about how you market this.…
At the very least, I'd suggest researching brudgers' post and adding a notice that the ADA requires accommodation visual alarms.
edit: You really can't add enough disclaimers to something like this. The last thing you want to do is leave someone thinking this is going to save their life. Maybe as a tertiary failsafe, but you can't guarantee that's how it's being used.