I suppose this is obvious but I just thought about it the other night after I started reading about the Statux. If iFly has Baro pressure data, then it seems it could alert if GPS alt and calcualted altitude differ by, say, 300 ft.
(Instead of having the user to set altimeter setting, I envision a first warning 1000 feet after take off that says "I'm showing your GPS altutude climbing thru 2000'. Is this correct? Y/N. If Y, it memorizes the offset. If N, then the user tells it what the altimeter is showing (to the nearest 100'.)