If the phone uses an actual GPS device, and does not rely on cell towers, then it would work. Otherwise, the altitude limit is in affect.
But even with a true GPS, they hold an altitude limit of around 60k ft. So for solutions, I have to come up with something that can read out this limit without relying on a GPS to do so. I have seen some people build PCB boards with basic sensors to do so. Still researching on all of that. As far as temperature, speed, etc... the idea is to basically have a miniature computer board that can gather all data. I have a 4 pound limit, and we were right under 2 pounds with cooler, camera, and cell phone. So it leaves me some room to play around with equipment ideas and extra cameras.