It may sound like a great plan as long as one doesn't look too closely at the details. IPv4 has fixed 32-bit addresses and one cannot cram more than 32-bit of information into a fixed 32-bit field. But one would need to do that for it to be forward compatible, since how would a IPv4-only client open communications with a expanded address space server?
One idea is to only upgrade the client and server and tunnel the expanded address space packets over IPv4. IPv6 has that - that's how it was bootstrapped before native IPv6 connectivity was a thing.