Spunking bullets, eh? Been playing Daikatana again recently Yahtzee?
That said, the only problem I have with this idea for a stealth game is that it seems to remove a lot of player options and depth from the game. It would largely turn into what amounts to a puzzle game, where you have to figure out what the developers intended for you to do, rather than giving you a whole heck of a lot of freedom. It would be a variation of the "on rails" stealth action of things like "Velvet Assasin" when you get down to it at the best.
Truthfully, while the characters weren't invisible, there was an adventure game years ago called "Bureau 13" which used the whole premise of remaining secret and undetected. It was ranked on points, like a lot of adventure games at the time, and to get the most points possible out of the game you needed to cover your tracks by doing things like closing doors you opened and so on.
It was also a game where you selected a pair of operatives from a selection of around eight (if I remember) and some of them were better suited to stealth than others. The game was set up where any combination of characters could beat the game, as puzzle solutions varied depending on who you played, but there were definatly more efficient combinations of characters than others.
I mention this, because really the game being described above WOULD be an adventure game or puzzler rather than an actual stealth game, relying on people puzzling out optimal paths intended by the developers.
Oh, and if you want to actually play "The Invisible Man", it won't be the stealth game you want, but try say Morrowwind or Oblivion. It's possible to put crazy levels of concealment on your character that are constantly active with the item enchantment systems. You can pretty much walk around the entire game world with nothing (or very little) being able to see you, if the idea really floats your boat.
Also, as was pointed out in the ZP review for Alpha Protocol, a max stealth Mike Thornton might as well be invisisble.