Neat, that would probably work really well. Now that i've gotten my mind set on electronic control, though, i'd love something that I can also put on a timer. The idea of controlling the radiator via the bleed valve seems to be a solid one though... Duly noted.
Your website seems to have died, FYI. I tried at some point to post this as a comment there some of which is redundant given this thread, but the hazards I believe are still a new contribution:
For one pipe steam you can control the radiator by controlling the air vent on the non-steam side. This prevents steam from entering the radiator in order to disable it for some cycles. I was lazy and used the parts below in my apartment, which is a mechanical thermostatic regulator. In my experience, by cutting off the airflow manually part way through, you can have some measure of control over the amount of steam the radiator allows in. I imagine that if you placed thermistors at several points along the length of the radiator, and had the valve portion below, you might be able to cut the steam at 1/3 2/3 full on heat. Keep in mind that when a real cold snap hits, heat is a safety issue and a possible cause of lots of damage if pipes freeze. There is something to be said for old designs of reliable mechanical systems like those below, especially if you go on vacations.