Our goal is definitely to give administrators the control they need through the API, but I'm very willing to believe there are things we're missing. :-) Is there something specific that's not already part of our Dropbox Business API? (https://www.dropbox.com/developers/documentation/http#teams)
It's not in v2 yet (coming soon!), but check out /log/get_events [0] in v1. I'm not sure that it will cover what you want if you're looking for file changes. That might be better served with webhooks, /files/list_folder and /files/list_folder/continue. Feel free to post on the developer forum if you want more help! [1]
I don't suppose there is a way to programmatically consume the activity stream and pick events to undelete, too?
I'm sorry I can't edit the smug sassiness out of my original reply.