I think you endanger the police by making them wear their names. Criminals and angry protesters (same thing really) could track them down at home and harm their families. I can understand using badge numbers as long as the registry attached to those badge numbers isn't publicly available or subject to FoIA requests. If you establish another agency to police the police, who would police them? The fact is that the police are charged with policing society as a whole, so certainly they can handle policing themselves too. But adding transparency to that process impedes their ability to do their jobs well. Besides, at some level the FBI is in charge of policing state and local law enforcement agencies.
The police clearly aren't capable to police themselves as we see over and over. Even when caught they aren't held responsible, or nothing happens because they are just let go.
These monitors don't have special powers because they aren't out there on the streets, and there is video of what and why these cops turn out to be bad. They won't be going out there harassing the public with no chance of consequences.