If #1 is viable, then the next hurdle would be the ability for the child to import templates from the parent.
If it's not, then the collection of standalone themes will need a way to import templates from a shared library (a horizontal relationship, rather than hierarchical). Something like that will be critical for the maintainability as we create more themes for other parts of w.org.
Related WordPress/gutenberg#33959, WordPress/gutenberg#33957