I really like the idea of having a tracking system like this, or at least something similar to it. A potential way of implementing this that I was thinking about earlier is having sharp weapons apply a "bleeding" status effect to animals that would both cause them to take some damage over time, as well as leave a blood trail that the player can use to track them down.
VS already has a bit of trapping already with the reed basket traps, but from what I can tell they are only really intended and useful for collecting a breeding pair of chickens (or rabbits, if they can be domesticated) for setting up a farm, so A buff to them or an expansion on trapping mechanics for the purpose of hunting wild animals would still be very welcome.