This was done ages ago in the geophysics world for metal detection of unexploded ordnance (UXO). All of our instruments utilize at a minimum what we call digital geophysical mapping (DGM), which is the digital sensor output combined with global navigation surveying system (GNSS) or other high accuracy positioning systems. Many of the instruments can show a colorized map of the gridded data on the screen in real time.
The Geophex GEM-3 handheld metal detector with the locator bar can map the data in real time as you swing the sensor back and forth. It can then match targets to a library. So if you have a quarter or a dime it will identify it. It also has a library of UXO targets. The first version of the software was probably written around 2007 for Windows Mobile and the current version is for Android.
geophex.com
Geomar Software write their real time mapping software for the Geonics EM61-MK2 that will generate a map of the data in real time. I use RTmap38MK2 with my Geonics EM38-MK2 and RTmap61MK2 with my Geonics EM61-MK2.
Geonics EM61-MK2 Metal Detector, leading tool for buried metal detection, UXO and other military high resolution investigations.
www.geonics.com
Geophysical software for electromagnetic and magnetic surveys using Geonics and Bartington instruments. RTmap, TrackMaker, and Multi systems support real-time mapping, GPS/RTK positioning, data acquisition, and processing.
www.geomar.com
The instruments mentioned above are pretty basic, the more advanced instruments are know as advanced geophysical classification (AGC) for the UXO industry. Most of these instruments are capable of getting a 100% on the receiver operating characteristics (ROC) curve that means detecting 100% of the UXO under the ground on a site potentially up to about 3 m (~10 ft), 100% discrimination which means sort all targets into UXO or non-UXO, and 100% on classification which means for each item identified as UXO determining the depth, inclination, declination and model of UXO.
GapEOD UltraTEM-III or UltraTEM-iV
Geometrics MetalMapper
White River Technologies OPTEMA or APEX
TEMSENSE AGC Sensor
I'm testing my universal metal detector data logger prototype right now that can digitize the headphone output of any metal detector and merge it with GNSS data for real time mapping. I was testing it in my driveway last week with my partner on the project and we collected data from a number of different metal detectors. It doesn't do the real time mapping yet, just the logging, but it will soon.