This is basically already achievable, you just have to know where all the Textures, Levels, Models and Scripts and stuff are. trouble is, the FF7.exe program is programmed specifically to read all of this information out of packed archives known as LGP files, so unless you wanted to pretty much completely re-write that, its pointless. i do see an upside to what you want, however, since unpacking and repacking archives all the time is not what i'd like to spend much time on.
I'd say its not possible, practically, but then who am i to say so?
Anyway, Since you're new, would you like to know where all of these are stored by default and how to unpack them and repack them? or do you know already?