https://chrome.google.com/webstore/detail/vysor-beta/gidgenkbbabolejbgbpnhbimgjbffefm
Edit: I guess you want the elements refreshed as well. The above chrome plugin just screencasts the android screen. With this approach it might be possible to create such tool.
I also have doubt about the outcome of the result you are expecting, because in case where your screen is sync with the inspector tool the locator will constantly change and you wouldn't be able to grab the locator before it changes.
I'm not sure about your scenario, Can you explain a bit about it to understand how this feature would be helpful to you?