I believe the costs of creating and maintaining the legion of pseudolites required would be far in excess that of a single geosynchronous satellite.
First of all, not all pseudolites are stratellites. A pseudolite is just a satellite-alternative, which can be anything.
Secondly, a fleet of stratellites built at $50,000 a piece and launched from the ground is probably less expensive than one satellite launched by rocket. If we go by what NASA says about its satellites, the actual satellite is the cheapest part. The vast majority of the money goes into just getting it up there.
http://www.howstuffworks.com/satellite8.htm
"According to this report, a satellite launch can cost anywhere between $50 million and $400 million."
Did you just make up 50,000 dollars? It cost over 2 million just for a small blimp, more if they are larger, and that is not including operational costs. Its going to cost MUCH more for a single stratellite! Add to that because you are going to need far more stratellites to cover the area that 2 satellites can cover. (XM radio covered the entire US with just 2 satellites) The best stratellites will only be able to cover a ground area with a 200 mile diameter. In addition, they have to be brought down for regular maintinence, which means you will have to have some kind of redundancy (at least 2 stratellites covering a single geographic area, so 1 would always be up at all times).
Let me put it this way, SpaceX is offering their service for anywhere between 8 - 11 million. It would cost them FAR more than that to fake the launch and instead put up hundreds if not more stratellites (each twice as large as a blue wale) to give the same coverage. Where did you get 50 thousand from?