Why bother? You can get a much better solution for cheap from a provider like RedAlert
The nice thing about this is:
1) It tests your site from outside your firewall, so it can detect a wider variety of problems.
2) It is an impartial 3rd party so you can prove uptime if you need to for an SLA.
3) For a small premium you can have the thing try and diagnose the problems.
4) It can page or e-mail you when there is a problem.
5) You don't need to commission a new server.
Geez, I sound like an ad for the guys, but I promise I don't work for them or get a kickback. I have just been happy with the service for our servers.
BTW: I checked pricing and it is about $20 per site/month. So you could probably pay for a year of the service in less time than it will take to build it yourself.