TL;DR ability via hotkey to either run the normal graphics or swap to the PXL (or other player made) GFX folder replacements.
Not sure if possible, however, I have been thinking for a while to have alternate graphics for my own use (for example having slimmer Power poles so the map looks less cluttered) and currently, have just been replacing the PNG files directly in /data/base/graphics, but doing makes it complicated to update if I do a fresh install someplace as I have to go get individual files and overwrite. If this Mod is extended further to support "overwriting" in memory anything placed in customs folders on the fly like from /PXL or /Simple_CAD etc etc, I could keep my personal graphics in a single folder and everyone else could just see "normal" Factorio while I see PXL or even my own.