A friend of mine once began to write such a tool for SunOS 4 and Solaris,
and told me the Linux code should be quite the same as the Solaris one. What
he needed was to complete the list of function wrappers, but the code he
showed me was really efficient (it really trapped all libc function calls
and was displaying them in a man-readable way, just like strace did).
He is on vacation just now but I think he would finish it if asked gently.
I forward him your mail.
--Thomas Pornin