Perhaps the obvious question here is "hidden from who?" Blinding the entire dev team to the trick might be possible for the lead, but sounds like a pain.
But squirreling away a bit of memory that won't be announced to PMs/artists/designers/producers? I can certainly picture a couple of programmers realizing that the person calling the shots intended to push them to the absolute limits of "what will fit", and deciding to fudge those limits. Hell, hedging is common practice for programmers and freelancers today when they anticipate bad requirements, and everything I know of the game development's history says the problem used to be much worse.