I love this idea. Ties in well with WOT concepts.
Additionally, id like to see this software signer take the form of an open source app that would work across any exchange or service that supports it.
Think something like Amber or nos2x, but for Bitcoin keys (obviously never for single-sig).
The app would also house configuration files for the multisig wallets it contains keys to, and would reject any attempt add additional keys from the same multisig as a security measure.