Yes, this is technically feasible. Recent work on coalescing redundant boundary lines points to how the tile generator could, in principle, cross-multiply an OHM element by each of the attribute-level dates to result in a series of coincident features that each represent a certain combination of attributes.
Unfortunately, the tile generator is only one piece of software that would need to accommodate such a change. We would need to also adapt or rearchitect most editors, geocoders, querying engines, and ultimately routing engines to accommodate this data model. This is essentially what doomed the original concept of key-level history that one still sees on occasion in OSM, relegated to a footnote. There’s definitely an elegance to this approach, but we would need significant resources to pull it off.