Hey, I had the same idea, and I have not gotten much farther yet. gpsd seems to lack a good sample command line program to retrieve data and I was not up to wading through the GUI sample. I started to look at a package called jeeps that seems a little better. It compiles and runs OK on the empeg, but has one bug. Long and lat readings don't work. I get large negative numbers or 0. Elevation, heading, etc seem to work fine. I am guessing that it is some sort of endianness issue, but have not had a chance to fight with it yet. Aside from that the API seems really easy to deal with. Anyway, let us know what you end up doing. And let me know what you end up using to talk to your GPS.
-Mike