Yep. I'm working on such a system. It will be Arduino controlled, will monitor the Flexshaft temperature and be wired into a smoke detector. If the Flexshaft gets above a certain temp, it will pause the machine and then alert you via an Xbee wireless system and maybe even via text message via WiFi.I might even be able to cobble together a cutoff with a thermistor to directly monitor the shaft temperature. Has anyone gone that far? I'd hate to reinvent the wheel.
By pausing instead cutting power to the machine, you have the opportunity to inspect the shaft, let it cool, or whatever, and then resume the carve.
Kenny