I think it could work how you say Rob. It could pass anything from modules, application selection, environ & service variables.
Not sure to hard and time consuming? In respect to generally creating client ISO's I don't see much difference.
Also I can't see why you couldn't burn off a disk at the server. As to performance I guess its a matter of hardware and a Sysadmins dictate to when he is going to use the client setup ISO.
I think the functionality can be incorporated and the only limit would be what the community dictates.