I think the idea is certainly valid, and infra-red is already a somewhat standard way to transmit data (I think there's some standard called IRDA?).
There's no question that an IR datalink can be much more secure than RF.... that was the point of the laser communications program I worked on. Of course, a wired connection is pretty secure too, so I'm not sure that IR is any better when sitting in a coffee shop.
Still, it's a fun idea, and the principle dates back to at least the Cold War. I saw something about people communicating between East and West Berlin via modulated IR incandescent bulbs! They used optics to get the beam nice and tight, and could send audio back and forth across the wall. Very neat! Makes me wonder if the bulbs were IR, or if filters were used to block the visible light?
Steve K.