If possible, I think this would be really neat.
I posted a thread in the Companies forum for an idea of what LS/Company housing could be like, using EQ2 as an example. Mostly to show what housing
could be, at least as far as interior customization.
Here is a link to a Guild Hall from EQ2. This is the largest size hall (it's almost a city in itself). All of it is decorated by hand with either crafted, quested, or purchased items. The house itself is in an instanced zone.
http://www.youtube.com/watch?v=9DPcbGxCBEc