You mean like ttool ? Yes, I guess that probably could be so. And it would be interesting adjusting values for sounds like for rF2 TGM files for tires.
It would be interesting creating 3D modeling of exhaust system, changing various specific properties of engine parts such as crankshaft.
When they raced Mercedes W125 in pre war GP races, they knew if the crankshaft is beginning to fail if sound would start changing. So this kind of physical sound simulation could turn out to be very interesting in combination with damage/engine simulation. I guess thats why for BeamNG this is big deal. That should be quite impressive if exhaust pipes gets damaged, or totally fall off, and then sound changes. Or some cylinder starts misfiring and it also changes everything that car does.
It is fun to imagine. But I already know that things regarding engine simulation and damage would be welcomed same way as rain simulation by simracers - ignored. So it will not happen to full extent.