<p>High temperature PTFE tape is rated up to 550°F, which is 288°C.  I'm wondering if it would be useful for components on the hot end to prevent oozing.  Has anyone tried it?</p>

You'll need a custom firmware.
Yur custom firmware will have to react to the "Change extruder" command differently than a normal firmware: instead of just swapping to a different extruder, you'll need to perform some operations to alter the gearing (possibly a solenoid?), and possibly include some kind of "break" to make sure that the filament is not slipping back without the extruder attached. However, there already is a setup that pretty much does this: the Prusa MMU2 uses something similar. The MMU does use a Bowden setup, but you could use Bowden and direct drive in combination, especially if both motors run in sync.