I looked into doing this but I bought the smart siren II instead. It has a pager option and the pager has a display which verifies it is in range. It gives me a bit of comfort knowing I will be awakened if someone tries to steal it or some drunk decides to sit on it outside my room.
The pager is a really nice feature because you are not always within earshot of the siren. I don't have the rechargeable pager so I have to replace the battery about once a month but I still think it's worth it.
I have the rechargeable pager, seems to hold a charge for a long time. The first time it went off (and only time) I was at an event at the dealership and one of the staff moved my bike. I was there before he rolled it a couple of feet. I'm impressed.