light travels 3x10^8 M/S or 30 cm per nS in a vacuum, a bit less in air but that's an easy number to work with. You would probably need 100 pS timer granularity in order to get 3 cm accuracy. Yes, it is possible but not easy. You would also have to factor in latency in the various components.
Evilstrike, on the general topic of "what is the problem". It's clear you have some sort of specific problem that needs solving. I think if you presented the actual problem, people might have completely different approaches to the solution. one or more of which might be much easier yet just as effective as your imagined but clearly difficult solution.