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Would it make sense
Not much because unless the ISP connects several clients to the same L2 segment, which is rarely the case, you'll see no "chatter" at all until something at your end requests an address using DHCP or PPPoE or what your ISP's client connection method is. So I'd rather think of monitoring the connection between the convertor/switch and one of your routers using the computer and one of the capture setups, and letting a movie camera watch the indicator lights. Up to the time of the event you could then watch just a few minutes of the video to see whether the lights have shown some unusual behaviour.
