This goes against the whole point of a MacBook Air.
Someone who buys an MBA in the first place is presumably wanting portable productivity. They are probably not looking to do this type of high-end gaming on it.
However, yes, in a portable enclosure, this can be pretty neat.
Yes and no. If you only want one computer, that you wish to take everywhere with you and then connect it to a larger screen, mouse keyboard and external HD's when you get home... adding a more powerful GPU would only be a natural step.