I did not follow the airplane development of MultiWii until a few days ago ... I now have an Easy Star II with a NanoWii installed and it does work (the plane is mostly stable by itself though)

Since the NanoWii has over 5000 bytes left when GPS_SERIAL is defined I was wondering if a simple RTH function could be implemented. When switched on the plane should turn into the direction of home (using GPS velocity vector instead of compass) and as a bonus keep a certain height (i know, that would probably need airspeed information). Alternatively it should just keep the plane level with a predefined throttle speed that whould work similar to the quadrocopter failsafe throttle. You'd have to experiment with values that wont let your airplane ascent too much.
My ideal setup would be a GPS connected to the NanoWii serial port RX and sending FrSky telemetry on the TX pin. That would make a super cheap FPV stabilizer setup with failsafe RTH. Possible?