I recently decided to try finding an electronic diagramming, note-taking setup. On the software side I found Xournal++, which seems very good for the task. Then I bought a small Wacom tablet (no screen, just a pen and digitizer tablet, only about $30). That works but my eye-hand system doesn't let me draw circuits very well. Then I got a huion kamvas pro 13 off ebay, which is a screen plus a pen. That setup works pretty well but you have to have a separate computer to plug it into. I'm on linux and neither Wacom or Huion support it very well but you can make it work.
The reasons why I want to get away from paper notebooks are:
1) As the number of pages grows to be 100 or so you long for a search functionality. On the electronic notebook if I make it a habit of writing my text in little text boxes instead of scribbling it out I can search for words.
2) Adding sections or making major revisions to circuit diagrams is much easier electronically.
What you propose, to develop your own pen system sounds interesting, but are you envisioning using the pen on your computer screen or off to the side like my Wacom non screen tablet digitizer? If on screen, how will you calibrate the position to line up with the screen coordinates? Also, are you considering taking the pen coordinates you measure and converting them into USB signals that your software will be able to use? In the case of Xournal++ on linux you have to get pen movements converted into X windows events, which to me is a rabbit hole I haven't the stomach for.