What I would love to see is a wireless device in the bag
and on my person that is configurable to sound the alarm
in the bag when we are separated by X amount of distance.

The device could be temporarily disarmed for situations when
you know the bag will be a greater distance than the alarm is
set to engage.

If this device exists... point us in the right direction please. :-)

Hmm... found this: http://cobratag.com/