Say no more, I won't bother
Only way I could think to track would be to friend someone, use /who, and stay near likely areas (dailies etc)
Only way to make it fun is if the hunted agree and even challenge others to find and kill. Yes, this means no hanging out on fleet (kind of the point!)
Never said it would have to be 1v1 too, so a bounty hunter could bring as many friends as necessary to get the kill.. Same goes for the bounty, if you have a 5mil bounty on your head, may not want to run around solo.
To ease the tracking issue perhaps the arenas for bounty could be confined to sector x, black hole, and perhaps ilum? I'm thinking of places with dailies that have a range of environments and terrain.
Again, just a thought to get more people off the fleet. If they knew they could get some money, might be good incentive..