In my experience Word's revision tracking is entirely inadequate to the task. I might take that back if everyone was editing a shared Word doc on Office365, but the typical scenario of emailing versions back and forth makes it very difficult to keep track of the current state of the document and ensure everyone is looking at the same thing.

I don't think standard git with MS Word blobs would be better though.

What I would like would be the conceptual structure of a git version history but with a commit viewer that could represent the commits in Word's revision control style as well as pull requests to track incremental agreements to change the document.