I felt compelled to create this, thanks to your idea.
I bought the $20 hardshell/slightly rubber-esque "Holster" from my local Verizon store, and attached a "Flexpod Gripper" by Sunpak tripod that I found in the digital camera section at Best Buy.
Now the holster is supposed to be used with the screen facing inwards, which makes it somewhat useless if you want to utilize it for images or video recording. But it fits just fine facing the other direction. Ironically, the half-moon cutout at the top exposes the camera just perfectly with the Droid facing forward. However, you will need to notch out areas for the camera button and the power/hdmi cables. If you don't, the side of the case will continually depress the camera button, making Droid unhappy and freeze up.
Thanks again for the idea
Can't wait to share some sweet time lapse, close-ups & what not.