Hi! Thanks for noticing my project.. :-)
I typed out an extensive answer on Tuesday, but i lost it before i could post. I'll summarize now, instead.
Basically, yes, what you want to do is very possible. If you're comfortable making your own layout in C, you can pretty much do anything (send whatever key events you want, whenever you want it). I used to have a xmodmap-file on my computer, that included all my workarounds, but now i don't have anything like that - as it's all in the keyboard layout.