i met a traffic watch pilot in dallas a few months ago. he said the insurance requirements are outrageous. I cant remember if he said 1200 or 1000 hrs. I guess, thats fine, but his 172 wasnt pretty.
But i've seen him landing often at my airport.
Im actualy an old traffic pilot in the DFW area. The insurance req is 700TT. No the planes arent pretty but they are getting better. pay isnt bad but only if you fly. during the winter you might not get alot of hours in due to IFR conditions. They are based out of Arlington airport, if you want more info PM me and i'll forward the info.