Technically that's what Photosynth 1 allowed you to do (the original Photosynth desktop application available here: http://photosynth.net/create.aspx ).
You could combine all of the Photosynth 2 synth types (and more) into a single photosynth.
The current drawbacks to Photosynth 1 is
1) that it doesn't project the photos onto the point cloud's depth and
2) only load each photo after you navigate to them, so moving quickly through them doesn't have the same effect as if they were preloaded.