Not really, as they mean slightly different things:
Look into means investigate, so maybe he did some research about electronic tagging. It doesn't mean that he started tagging anything though.
Set about means start doing, so you couldn't use it with 'the possiblilies' (you'd have to say 'set about electronically tagging...'), but that means that he actually started the tagging. Try out also implies that he has started the tagging to see if it is successful.