I tought of that, and I will be needing something like this, since I have some services that need to be restarted in the event of them dying or being killed.
But I'm not that much confortable scripting a modification of the initab to activate / deactivate services on a server-by-server basis.
Have a look at monit. We are using it for restarting critical services (heartbeat, postfix, apache) if they fail and it has been simple to set up and stable.
The most useful thing is that it emails you whenever the PID of the process changes or it has to restart it.