Is there a point to all this messing around, when you can just have a switch box? 
Sarcasm aside; the point is to have automation. You could call the Dreamcast (or your choice from many consoles) up from a frontend, if you really desired.
No.
This thread is going nowhere, and the switch box solution is a viable and easier solution. Want an elegant solution? Install a toggle switch instead of a switch.

Its baffling why anyone would want to smoke their DC or PC over petty laziness is totally beyond me.

Lets put our energies into something viable and not vaporware or disaster.
I have done the same thing with the X arcade. Four consoles and one PC all working together via one controller. No electronic wonders, no smoke and mirrors, just basic common sense and a fraction of physical activity.
Think that was bad? I had a MagicVGA switched for each console and PC. It looked way cool too. No KVMs. No wiring headaches.
Want it all from a frontend?
Find an emulator.
