It'd be a big improvement, but also surprisingly hard to pull off.
Console was designed with single-threaded applications in mind (so program is either reading or writing text, not both at the same time). To change the way it works, I have to re-create a big chunk of existing functionality. That means checking every key press individually, assembling characters one by one into strings, scrolling a message that's too long off-screen, handling delete/backspace manually, tracking the cursor and moving it with arrow keys manually, handling paste, handling window resizing, etc.
I did try to implement all this once, but it ended up being very wonky, and had its own share of annoyances. Maybe there's a better way, but I don't currently know of one.
Further reading