Peabody124 - one of the main developers on Tau Labs is actually working on something similar, but more advanced, as a long term project. He studies neuroscience and has actually built himself an EEG already (based in large part on his Sparky board):
http://buildandcrash.blogspot.com/2013/12/eeg-design-time-for-something-totally.html
It's not working well enough to actually control a quad yet...but once he finishes Sparky2...who knows.....