Tracking position in 3D space

I also currently started to think about such a solution, actually to track the movements of a GLIDECAM Camcrane 200. Attached is a short sketch of the "luxury wireless solution", which would offer the greatest flexibility. Plan B could be a wired solution, where the movement of the cran/jib are machanicaly transferred to normal fader/rotational input devices.

Do anyone here has experimented with analyzing the strength or maybe time delays of radio signals? Since we talk about already small distances here (the whole device moves within a few meters) and the data needs to be quite precise (to make the movements smooths mm should be measured exactly, even better we should be capable to measure sub-mm here) there is also the question, can we be really so precise here using Arduino hardware/software?

Any feedback or real world experience with analyzing/comparing radio signals would be highly appreciated!