A DIY solution id definitely possible. A chap on Instructables made a version of it with a multimeter connected to a foil finger cap but that isn't quite the same IMHO. A metal brush connected to a fast multimeter, as you suggest is a better plan.
http://www.instructables.com/id/How-To-Quickly-Find-And-Trace-PCB-Tracks-1/I don't actually need another as I have one, and a spare
The clever bit is really the fast responding continuity tester. It is as fast, or faster than my Fluke III beeper circuit and provides fast audio feedback, indicating that you have just passed over the continuity point for which you are hunting.
I will take a picture of the units internals for anyone wanting to build their own. The low test voltage and low current is crucial for such a unit.
I have found a price for when the unit was available in the UK....GBP39 (~$60) so it wasn't exactly cheap but it is well designed and built.
I just noticed an interesting label on the unit:
"WAVETEK is a trademark of Wavetek Wandel Goltermann Inc. (WWG) and is used by Fluke under a transitional licwence agreement. Fluke is not affiliated with WWG"
So Fluke were involved in this unit ? Could it be that it is actually a Fluke product with Wavetek labelling ? That would explain the excellent performance and quality of the product, and possibly its discontinuation ? Interesting
I have amended the title of this post to reflect this possibility.