If I had superpowers, I would layer the system as a very low-level library that recognizes keyboard / mouse / tablet / microphone input hardware events and encodes them somehow (so Alt is a separate key, pressing multiple keys is handled, clicking + moving the mouse is handled, etc); then a protocol that can give you this event stream, either from a local or remote source; then a layer that maps this into higher-level events (so Alt and Home pressed together is interpreted as Alt-Home). The idea would be to have the ability to detect, even over a serial connection, any of these input events, without resorting to escape codes.
I don't even know if this all makes sense; I just hate the loops you have to go through today to even try to make sense of key combinations.
/rant
Since tty's are fairly well married to a serial port, adding an ioctl() (or similar) that would switch channels would seem likely. RS-485 would provide a way for that to work not just with ptys, but with real physical devices as well. With reasonable backward compatibility.