This would be interesting - but would it be worth it?
If you can just do streaming on the media it could work ok, but if you needed to transcode, you'd have to dedicate a good amount of resources to make it a truly viable option - at that point you might as well just host it on its own box (in my case I host my plex server and plexconnect on a Mac mini and use various NAS boxes to store my actual media)