You could do it, but you may have to write a little script to help you. I've used a similar process (I didn't write the script though, I'm not too hot with Mel). I guess what the script would do is look at all of the locators, and triangulate them all to create the surface, but I'm not 100% sure. Another method that I've used to create a terrain out of Boujou locators is I just created a poly plane that was subdivided a few times, and started snapping points to the locators. I then kept going over the plane subdividing it and snapping points, and finished up using the sculpt poly tool to finish off. I managed to create a really nice, accurate terrain doing this, that tracked perfectly. I don't think that there is a really quick method, it depends on how accurate you need it to be.