If you don't report it you will never know. The worst that can happen is that you're wrong and the kid gets his ipod back.
This and the more reports the better as police can and do act.
They set up a "bait" car in my old place. As we had loads of cars broken into and reported. Due to this they caught several people and car break almost eradicated. If people didn't report it, police would be none the wiser and wouldn't off been able to act.
Also apple would never offer such a service and never should. Data protection for a start.
However that doesn't mean, that such services aren't available to police if they can be bothered.