Sounds like a brilliant idea.
I can do Ctrl Z one or more times to undo whatever it is that I've done by accident but sometimes my mum was a bit flummoxed by her computer, with the cursor leaping about somewhere, or a toolbar opening or disappearing unexpectedly. Her laptop's 'synaptic pointing device' (the bit you have in front of the spacebar if you don't have a mouse) was a bit too sensitive perhaps.
For less confident users, a button that you can press which will tell you what steps have recently been taken might be quite helpful. This information is evidently accessible, after all Ctrl+Z wouldn't work without it, and I understand there are malicious programmes which can harvest keystrokes.
Is there something hidden on computers that can be brought to the fore? It would need also to record inadvertent mouse clicks too (eg if you accidentally clicked on a link and couldn't understand why, not realising that when you clicked into another window the bit you clicked on was an active link).