A 16-bit HT link would supply ~6 GB/s each way, while a PCI-E 16x gives a bit more than 4.
Bandwidth wise, it would be better, and it would remove the latency of the chipset bridge.
On the other hand, there are few HT links to spare on desktop A64s. I think current desktop chips disable most of the links. Maybe one could be used, I forget how many are disabled, but that would rule out Crossfire setups.
It would be a server or workstation CPU with more links and a board that could support them that could use this.
Perhaps 4x4 could be made to do this, or even two HTX cards, since that platform is more workstation than desktop with the extra sockets.
It sounds doable, but it also sounds like a niche product.
I'm not sure how much there is to gain, since the long-latency link between video card and the rest of the system has been designed around for so long.
I suppose benchmarks would be needed, if AMD ever decided to make such a product available for general consumption. Some HPC clients might use it, since they have more money to burn than a gamer.