In Payments News, Scott Loftesness points to a Stanford research project that does what I intended to with my PhishGuard project. Similar in both name and form, SpoofGuard is an IE-only browser plugin that helps the user against phishing attacks. They have also made open sourced SpoofGuard so many similar plugins are likely to appear soon.
Upon closer examination of SpoofGuard, I have to conclude that SpoofGuard is only a temporary solution because it was designed against common phishing practices of today which are mostly sloppy and lazy works thinly covered with cleverly crafted words. SpoofGuard, for the most part, detects common patterns of mistakes phishers are making today. As I am expecting the level of sophistication and diligence to rise quickly as anti-phishing technology evolves and stakes rise, I am afraid this 'guard' won't be on guard duty for long unless it evolves as well.