This sounds like a good idea, but post-match ONLY. Live, no go. Otherwise, any person wit the credentials will just "watch" themself play. AKA, play using the view that sees everything.
I think a much better solution is to do what consoles did. Consoles control software installation by cryptographic signature. If you can't install a cheat tool or any tool that lets you dive in the system deep enough to access, view, and edit data, you can't use software to cheat. Talk Micosoft into adapting Windows Store (making something like it, since Store already pretty much does what is needed) into a whole operating system that can only use and execute that purchased content through that pipeline.
