Totally! I know Visustella's Furniture System plugin does it but of course their code is obfuscated so we'll never know exactly how. From a user standpoint, it has the option for furniture items to have "variations" either different colors or different rotations and those are handled through notetags. Other than that, I have no idea. Their plugin doesn't play well with my other plugins though.
Whether or not you find a way to implement it or not, this plugin does so much of what I needed including some things I didn't even know I needed! I always appreciate your creativity with your plugins (The pet summon one is fantastic as well).