There are threads on the Garage Journal where guys are trying to do similar things, 1 recent one was where he wanted to be able to disable his compressor when he turned off the shop lights.
Can be easily done using the correctly rated contactor. Use the shop lighting circuit to trigger the contactor to energise the compressor.
We arent too far away technology wise where we can get a phone call by the system if there is a problem.
We are there already.
http://www.diycontrols.com/p-6195-agm-gsm-cellular-remote-alarm-module-rm200gsxmusb.aspxThis is a cellular monitoring system that i am sure many could adapt to use with more than a few things around the house.
I am researching a system for work that will let me know if there is an issue with our cooling tower and process water loop. We will also use it to monitor the 480 service to our test benches. The benches send out fault text messages but if the whole machine goes down with a power outage we are not currently notified of that.