Obviously there are more important things being worked on, the memory card thing is ridiculously amazing, etc.
The idea would be that it would show on P2 not P1 and then P1 could use it as guidelines for spacing in neutral by visually seeing the space his opponent can threaten. Understandably being static, it's only so much help since if they dash for example, it would limit what was available etc. So some of these ranges would change in reality but wouldn't be reflected in a static image. Having it change based off actions (smart boxes) would be an incredibly large project on it's own and probably not possible anyways due to needing to be custom tailored for individual characters etc. But anyways, just something to think about.
Unsure if others would like it, but technically you'd have to get the community or a few specific individuals to come together to make the graphics etc. and have some uniform standardized process to guarantee the quality, and instead of rectangles, you could even round them off using the possible trajectories of the hitboxes.
The idea is that you determine a certain timeframe as far as how far you can reach in a reasonably short time, aka how much space you can actually threaten. So for fox, that may cover something like a dash into a full or sh nair, or even for grabs may include dash into jc grabs etc. That being said, the range of some of the hitboxes extends as far as you could reasonably and quickly extend them to.
This isn't accurate (or pretty, as it could be spruced up a bit as I mentioned before by making them not rectangles etc). I just threw it together as some sort of example: