You could certainly make a nice ultralight panier. It might be difficult since the whole attachment sceme weighs quite a bit these days, and to get a good transfer from that to the bags might require quite a bit engineering, and then the net amount of weight saved might not be that great.

The other thing is that bike tourists have it a whole lot easier than hikers, so you won't necesarily get to the point one does with ultralite camping where the bag is such a quantum lighter that it can be a hanky and doesn't require waist belts, internal frames, etc... I mean on could do that and dispense with everything but one Ray Jardine sized backpack, but it wouldn't be a panier any more.

I think when buying paniers ludicrous complexity one could never achieve oneself is the key. If they look simple enough to do oneself, then one doesn't think they are good value. Ortlieb is the big exception, they couldn't be much easier to make, but the welded fabric is a little out of the ordinary.

I like this sceme is might have issues like dirt, theft, and air drag. But it would also allow one to organize bags by their contents, and use canoe dry bags or armoured backs or stuffs depending on the actual contents.

http://www.backpacking.net/makegear/panniers/index.html