In theory, this seems like it might work, but in practice, probably not, because once a cracker gets in to your database, it is likely that they will have more than enough information to get in to another one (i.e. once they have usernames and passwords, they can then enter your site and do another injection). Your best bet is to always sanitize input.
On a side note, this is a really cool idea about the best way to store information on a website.
- Joe