yea, it would, but it's not gonna happen with shareaza. The code and GUI are too intertwined to pull this off. You need to design an app this way from the start.
However....there is a program called quazaa being developed(from scratch) that is considering adding this feature(and many many others). There is no release version yet, but you might want to check it out -
http://quazaa.sourceforge.net/P.S. sorry for the spam, but shareaza isn't gonna do what he wanted anyways