Yes it is possible... And I could think of one way that would give great usage and flexibility utilizing the UV map of the model.
I did a quick one-off to test it and was able to reskin the model applying seperate bumpmaps, detailmaps to select portions of the model. There are a number of ways to assign the blendmaps. Either by alpha or by RGB.
That was a good idea you had there, thanks! If I have time to monkey with it some more I'll post some stuff.
Eric