I have tried, and the problem is that Smode, with it's realtime rendering engine, has no way to keep x frame in memory.
So rewinding in the realtime is complicated.
As you can see, the frameDelay modifier has limits in the delay. This is because we cannot keep frames in memory without creating memory issues.
That's for a realtime workflow.
For a video workflow, I'll have some ideas, but it requires too many time to test it at the office. But for what I guess, it would works with A LOT of timelines, all connected and offsetted in time through a function, for each line and/or column of pixel that compose your video. And even with this idea, i'm not quite sure of the result.
Python scripting could be a way to automatize it. But there is few chances that this kind of composition would run smoothly in realtime
Message written while thinking about it