Something along those lines were experimented with back in December, mostly trying to find an acceptable solution with the visual side:

It had certain challenges
* only one of those shadow casting light sources could be used with the existing tech, well, in most cases it would be enough as you wouldn't see other people's sight area anyway
* it doesn't work with the terrain component, so it would either have to be restricted to maps with perfectly even terrain, or, the terrain component would have to be remade - not quite the thing that would make sense working on at this point, but, maybe after 1.0
The alternative, like WolfenRayneGames initially proposed, is to leave the visual side just mostly intact, by just hiding the dynamic elements (soldiers, vehicles, bullets, items, etc). This certainly would be easy to add; the AI anyway is doing such checks for itself, so it would just be about adding one more for the local player and making it control visibility of gameplay elements.
I can try to take a look into it once the smoke clears after the Steam EA release, as an optional thing obviously and with server side control over it.