I have zero experience with this, but just thinking logistically, it doesn't seem like something that will work. Wiring it up is one thing, but it's another thing entirely to add the control commands to the slicer.
I suppose you could manually pause the print, retract filament 1, swap the control cable (or wire it to a switch) to Extruder 2, and resume the print. Essentially it saves half a step in swapping filaments mid-print, but it would still be printing a single color per layer.