So, you guys have the "item last seen" metric, which is a good way to measure supply, but there's another easy calculation you could do with your data that gives more information. You could average the amount of time the item tends to spend on AH for low-supply items, so people can gauge demand better.
For instance, look at Grapevine Cape. Very low supply, but that doesn't mean there's very low demand. If I could see how long they tend to stay on AH, I'd know how much to put mine up for (higher than the market price? by how much?)
Also look at Impatiens. When the items came out, I AH-camped it and managed to buy one several minutes after it came up on FFXIAH, after having someone else snipe the previous one just as I was in the menu to buy. It had very high demand at that price (indicated by how quickly it sold), and now its price has increased suitably.
Compare them to Quick Belt. Low supply, probably very low demand. I'd wager that they sit on AH for quite a while when anyone bothers to list them.
It would be very easy to track this for items with low velocity.