Funny synchronicity...A coworker and I were discussing exactly this (well, for Cubase instead is Sonar) earlier today.
Yes, it's possible to build. If you're into microprocessor based stuff, it's not a terribly demanding design. Watch an input serial stream for some values, and use them to update a set of LED displays. Any modest microcontroller (PIC, AVR, etc) could do it pertty easily. With some matrix scanning cleverness, you don't need an IO pin for every LED, and will never actually turn them all on at once, so you won't consume tons of power doing it.
The hard part comes to interfacing it with the software. Cubase supports a user-definable controller definition, that makes this a feisable task. Does Sonar have an equivalent?
You'll have to reverse engineer the control protocol, or define your own. You could sniff the MIDI link to the Mackie using something like MIDI-Ox, to see if you can figure out how the meters are updated. Cubase also lets you define your own control surface definitions...you could use CC or NRPN messages for the data.
You might also poke around the MIDI-box pages at ucapps.de. They may have something more or less ready to go.
Byron Jacquot