Morris,
What you described is exactly what I'm trying to accomplish with my Netduino-based logger: it has 3 wires to connect to the SCI diagnostic connector, power, a serial port to connect to my Innovate wideband and connected pressure and temperature sensors, and finally a bluetooth transceiver to connect to a netbook or Android.
Right now it is only a proof-of-concept, but my goal is for it to be something that is always in the car, and all you need to do is to connect the client to it via Bluetooth.
But like you alluded to, it is not a cost-effective nor polished device because most of the components are retail pieces.