Solution to Speeding Buses?

I live in Ernakulam city and I use Private Buses as primary means of transport. Now anybody living in Ernakulam for sometime will know about the speeding of the Private Buses here. The problem is that there are a large number of buses to cater to this highly populated city, and many routes have buses every 5 minutes (or lesser). Now as a result, there is a big chance for two of these buses to come close to each other. Now, i don't know if these buses have a kind of allergy to each other, but the moment they see the other bus, each starts racing, trying to get in front of the other.
There are also other reasons for this racing: waiting at a crowded stop for five minutes and then racing to reach their next check point. Sometimes it may be true that they get blocked at a junction and have to speed to get to the checkpoint in time. True but rarely. More often, it is they who cause the block, waiting for more passengers. Anyway, I dont intend to analyse the causes of this speeding. Suffice to say that the traffic police have not been successful as yet to curb this menace, inspite of their repeated measures.

So, I am trying to propose a solution that came to me today while traveling to CUSAT. Start an sms hot-line. Nowadays, everybody has a mobile and sms is ultra-cheap. The idea is that passengers on a bus knows best when the bus is speeding. As do people in bus stands and road travellers. Now these people, on sighting overspeeding, can sms to the hotline giving the bus' number (which is easily visible to passengers as well as pedestrians). A computer software can be used to analyse the incoming SMS and warn the police of speeding buses. The police can then dispatch undercover plain clothes men to monitor the bus, and take necessary action. Now, off the top of my head, i can come up with some problems to this scheme. Let me try to find solutions to that also-

Misuse: This system can potentially be used by another bus conductor/driver/owner to put a bus in trouble with the law for no reason. False alerts could be sent, wasting valuable time of passengers, traffic police, and the bus.
Solution: Well, the computer software can be designed to give alerts only in there are alerts from 3 or more unique phone numbers. This will reduce the instances where a single person can bring a bus to a standstill.
Also the alerts could be kept in a database record to check if a single mobile number is sending alerts against a single bus repeatedly in different instances. That could be a sign of targeting of the bus by someone.

Misuse: The traffic police who is undercover, can be in cahoots with the bus owners and not perform his duty, thus negating the effect of this scheme.
Solution: This is not a problem. It just has to be monitored if the alerts keep coming even after the police has entered the bus. This will give clear indication of the effectiveness.

Misuse: The public not using this facility. If it is not used, then what?
Solution: This is a problem. I've seen many instances where wonderful facilities may be present but the public's response maybe lukewarm to it. I think the solution for this a massive educational/advertisement campaign. Everybody uses SMS and Mobile. They just have to be warmed to this idea of real time alerts.

What do you think of this idea? Do you find any glaring omissions or faulty logic here? If so, please comment on it. If you endorse this idea, please link to this article so that we can bring this to the knowledge of the powers-that-be.