Yeah, that would be amazing, and because of that will never happen.
Also, something I thought would be cool while we're on the subject of being exalted, is if the emissary quests would change, once you're exalted with that particular faction, to be similar to the Kirin Tor emissary quest, where you get to choose any reputation token. So once you get exalted with Nightfallen the Nightfallen emissary quest would allow you to choose a reputation token for another faction, instead of you blowing the 1500 reputation completely. Having said that, I don't think the reputation tokens should be as good as the Kirin Tor emissary quest gives (1500), but rather something like 250. Or even as low as 100.
But, again, that'd be cool as well, so it's not going to happen.