Altimeter indicates height above the level at which it was created.
Height Sensor consists of Altimeter and red fakel.
Height Sensor gives a red signal at a Altimeter level.
You should really flesh out this idea more. For instance you don't say how we make the Altimeter. You also don't point out any actual use for it. Also what practical uses does the Height sensor has, it gives off a redstone signal at a certain Y coordinate but that would mean it would have to move using pistons or some other complex mechanism or you would have to carry it around making the redstone signal pointless with out some form of wireless redstone, which is unlikely to ever happen. A few things for you to think about and address.
Humanity is the creation of Logic and Emotion, Calculation and Imagination, Cold Analysis and Blind Faith. This is why I believe it is a strange Human that would prize one while shunning the other. For a calculator can do math just as well as you, but a calculator can not use math to make the world a better place.
Ahhh newly spawned, I love 'em. you can't just rush out a forum post. It has to have a topic (check), explanations on how the topic works (nope), images can help as well (nope) and more than just three lines of your ideas (nope). What I'm saying is, there isn't much explaining what these devices do and how they're made. No support...unless things change.
Height Sensor consists of Altimeter and red fakel.
Height Sensor gives a red signal at a Altimeter level.