Hi Katherine,
I am sure it is something that could be accomplished but I know that it will probably never be a feature that part of mojoPortal out of the box.
If you, or anyone else, is interested in creating something like this, I suggest taking a look at Website Panel (http://www.websitepanel.net). It is an Open Source Hositng Control Panel written in C#. It used to be called DotNetPanel (DNP) but the name changed when it was made Open Source. DNP was originally built on top of DotNetNuke but I believe it was rewritten without DNN with the release of DNP 2. I am not sure what the motivation was to remove DNN, other than DNN is icky (personal opinion).
Personally, I want my CMS and website control panel to be separate but, if there were a module that could be installed into mojoPortal, hosting companies may find that beneficial. That is the only time it would work really because the web application ID must have rights to IIS and other system areas and a standard website is not going to have those rights, and shouldn't.
-Joe D.