I know of no tool that does that.
What you have to do is search for keywords with a geo modifier. This will give you a base of exact searches to use as a base.
Next you look at the keyword without the geo modifier. This search is just to see if there is general search volume.
This gives you a rough idea of the traffic you can count on (geo modified) and traffic you will just see a percentage of (the stuff searched for without a geo modifier, but from your area and identified by Google by IP address.)
You take the second number, and extrapolate how many searches you might see based on the size of the service area.
Don't get too hung up on the numbers for local. As long as there is national traffic, there will be local traffic. Also, when you do keyword research, it will be for desktop devices unless your search includes mobile devices. There is a ton of search volume from mobile devices that you have not considered in the traffic totals. This is why a mobile site is so important.
Remember that in Local, any traffic is good, and there are very few locations with local search traffic in the thousands.
I live in Houston, the fourth largest city in the US, and I seldom see local action keywords with search volume above 2000.
In the case of local businesses, even a few customers for each targeted keyword is very good. A local business that gets 3 new customers per month will increase their customer base by 36 people every year.
Depending on the value of a customer, this adds up quickly. In addition, people will spread the word and send people to the website if the services is good and has value, so those 36 new customers may in fact increase the customer base by another third.
Needless to say if the average value of a customer is $500, then 48 new customers each year will add $24,000 to the revenue stream. At $2000 per customer, it jumps to $96,000.
Lets suppose your main keyword shows 25 searches (geo modified), and you can probably extrapolate another 5 (from non geo.)
So your traffic for that keyword will be 30 searches a month. If you are in spot one, you can expect 13 to 15 of these people will visit your website automatically when they search. Converting them into customers is not the job of SEO. That is the job of the website.
Multiply this across all the keywords your page can rank for, and there is plenty of traffic for the local business even in small communities.
