Ive been thinking about this for a few minutes as Im using a somewhat similar (tho less extreme) method for switching between two shaders without the player noticing, basically I have the surreal post shader on almost constantly
( Really REALLY need some help tweaking that shader if anyone knows anything about that, make the black outline on my cel shaded entities really pop )
but I have a section where a series of identical entites are spawned and destroyed in the same place(a whiteboard where each entity contains different info so it looks like the whiteboard is changing the text it has on it)
But when the entity spawns out and the new one spawns in there is a visible flicker on the whiteboard.
So what I do is very quickly and very subtly lock the players camera, switch to motionsickness post fx to smooth out the transition between the entities (the blurring of the shader obscures the switcheroo) then as the new entity appears it triggers the switch back to surreal fx to restore the normal look.
It all happens very quickly and you have to be really watching for the transition but it achieved the effect I needed.
Maybe you could use this process to switch rapidly between the two fx several times a second giving the impression that they are both running at the same time? I dont know if that would work or not but its worth a shot maybe?
Tho at a guess Id imagine its going to impact the fps.
Anyway hope this helps
smoke em if you got em