I don't see how this isn't possible... couldn't you essentially run an "XBox 360 VM" with a 360 controller and have it work? They could make your computer have a minimal WEI in order to use the feature to ensure the games play back fine. Kinda' like XP Mode in 7 Pro and Ultimate, only it could be called "XBox 360 Mode" or something.
Not only that, the 360 uses DX9 and a variation of DX10 features if I'm not mistaken, thus the settings in your driver control panel should stick... I'd imagine.
Interesting concept none the less.