Quilt Grafting

Has anyone ever thought about or tried taking strips/bits/pieces of bark/cambium, keeping them dormant and using them for patching over flush cuts, etc? No need to wait for scions to grow out/together like with bridge grafting. Strips and pieces could be overlapped like shingles, cut to fit, so on and so forth. Patched together like quilt work.

I read about restoring old trees by cutting them down to size. EXCEPT, University of ? said they will produce for approximately 5 years after this drastic type pruning. Im not looking for production but longevity. What about chopping off the limb about to cleave off back to a a sap drawer water sprout/other, cutting in a manner analogous to sharpening a pencil with the sap drawer the lead, and at the same time bridge (or quilt or whatever) grafting from lower cut to sap drawer area to facilitate 360° cambium to the new main limb preventing future decay?