Ohler has something along those lines. I know it's under there professional series but might be worth checking out to make sure it's in the clear as far as patents. What kind of target area would you build?
Yes you are right. Oehler Research, Inc.--Shooting Bench
The Oehler 86 is a similar system. I tok a quick patent search on Oehler and it seems that they don't use the same algorithms to calculate the hits. But it is a real patent jungle when it comes to acoustic targets. Lots of patents but not many products?
The target are could be several square meters, but the accuracy of the measurement is best right above the microphone array and then it degrades on the sides.
However the Oehler 86 seems like it is targeting very different market than I was thinking of. But I guess it would be smart to seek advice with patent expertise.