anechoic wrote:but then again it would make for a cool Nyquist plug!

It certainly would, but unfortunately due to the way that Nyquist is implemented in Audacity I don't think it would be possible.
As far as I know, there is no way for Nyquist to create new tracks, it can only return audio to the track that is currently selected, or in the case of Generator scripts it will either create a single mono track, or if one or more tracks are selected, will return the same audio to all tracks/channels.
Since Audacity supports a maximum of 2 channels per track (stereo) it would be possible to write a Nyquist plug-in to split audio into 2 frequency bands. To split into more than 2 bands would require applying the plug-in several times on duplicate copies and changing the frequency band each time.
There is no problem in Nyquist to split the sound into multiple bands, the problem is that you can't get them back into Audacity.
A Frequency band splitter could perhaps be written into Audacity itself. You may like to suggest that in the "Adding Features to Audacity" section of this forum.