This is an interesting idea, I dont think that I have read this one yet.
If I understand you correctly, you are talking about daisy-chaining 74hc595 8-bit shift registers, but instead of doing it the standard way with all latches tied together, you connect each 595s latch to an IO pin, so that you can latch each 8 bit chip individually, instead of all 80 bits at one time.
I dont see why you could not do that. You would need 12 pins instead of 3, so that would be a disadvantage, however there are a couple ways to further reduce that with a couple more shift registers. There are other ways besides shift registers, but since we are talking about shift registers, why not add a couple more, to control the latches. You could set them up as a separate or combined with the other shift registers.