Great theoretical question but completely irrelevant. It's nothing more than an exercise in futility wondering what if. I personally don't think it's possible, but I'll agree that it might have been possible in some contruct in the past. At best it would have made some "traditional" folks feel better, but wouldn't have mattered to the feds.
My point is, it's no longer an option. It's not open for discussion with the AMA or FAA from any indication I can see.