That does sound like it would render some interesting results, though I think getting rid of the noise would be difficult.
I prefer the equipment side. Let me give you an example:
I have an investment in a shipping stock. There are weekly reports for the price of ships, the number of new ships being produced and on order, the value for a ship if it is to be scrapped, the dayrates to hire a ship, etc. It's elementary to find liquidation value.
For a company such as ChipMOS that's a bit more complex. There's everything from real estate with negligible depreciation, to equipment that may last 5, 6, 10, or 12 years, to items that are useful for only the current generation of product. Luckily I'll be satisfied with just a rough estimate since there's such a drastic discrepancy between share price and book value.
As oort cloud suggested, I may contact investor relations. If they tell me anything useful I'll post it here.