MEMS position sensing

Hi there, I'm looking at Analog's MEMS solutions to potentially address a design requirement we have. 

We would like to estimate the relative position of the tip of a stylus sized object to within 1mm. The IMU would be embedded in the body of the stylus and the software would double integrate the acceleration also use the gyro/magnetometer to extrapolate the tip position. 

The stylus would be moved gently (held by hand) over an area of approximately 30cm x 30cm x 10cm and drift (of the extrapolated tip x,y,z position) should not exceed 5 mm over a 30 second period. The device can be re-calibrated/zeroed every 30s. 

Does this sound feasible with current technology? If so, which IMU would you recommend?