Curiosity got the better of me. If you take all of the potential slope-chisel-looking options on the right side of the image provided in that update, you’d have 116 options. If you then include the solid block and missing block states, that’s 118. The lowest you’d be able to represent that with is 7 bits (2^7 = 128). With 8 half-width blocks in a block, that’d be 56 bits to describe the shape of one block if we could chisel on a proper half-block scale.
I’m sure the real problem is that we’d be talking that many (2^56) 3D models of the blocks would need to be stored and ready for texturing.