Hi Tabfoxx and welcome to our community
Indeed it does seem like a good idea. I came up with it a
couple of years back.

As I recall, FlashHelp output worked just dandy this
way, but WebHelp had an issue. The issue (at the time) seemed to be
that the Index had issues and would refuse to load any topics I
clicked on. At the time, I tried it in an effort to arrive at a
"skinned CHM".
I suppose that it's entirely possible that:
1. I could have missed including one of the WebHelp output
files in the mix, and this caused the Index not to work
or
2. The scripting for the index was faulty, thus resulting in
failure for this configuration
And it's also possible that it failed to work for that
particular version of WebHelp. I know there were a couple of
versions that subsequently appeared since that initial test.
Actually, I had submitted the idea to Mike Hamilton. (at the
time, Mike was Product Manager for RoboHelp) His interest was
piqued enough that he tried to get some resources to work on
creating this as a possible output type in RoboHelp.
The one big unknown with all this is how (or even IF) it
would behave in a Context Sensitive (CSH) setup.
Cheers... Rick