What do you think about the crafting resource requirement for this item?

The cost of one wood make it almost accessible very early and you can use it to quickly level up.

Next option would be around the same level or resource requirement as a GPS so there is some time in the early game where you have to look around old style.

Or even have it Tek tier because of the advanced functionality?

Also possible would be to give different tiers of the tracker like the wood one that cant save, advanced with saving already found notes and Tek one that allows selecting individual notes and get their position from far away.