Charlie. People are asking for an axe, you are offering a scalpel.

Completely different tools. The existing "workaround" you proposed:
A) will take enormous amount of time operating several tracks, especially under non existing bulk commands "mute all" / "back to normal" compared to F5.
B)No visual indicator on chord sheet of any kind.(!)
C) Too much to grasp for average user, who doesn't need all the precision and spend many hours on the arrangement.

Again, a BIG +1 for OP request.