I hadn't replied to this because others had already provided all of the info I have. To summarize, the author of notty[0] and I are talking about a collaboration[1]. notty has done a ton of pathfinding in this area on identifying how to add many of these features in a backwards compatible way. I'm really looking forward to see where it goes!
[0]: https://github.com/withoutboats/notty [1]: https://github.com/jwilm/alacritty/issues/51