Forget about upgrading the A500 chipset - it lacks bandwidth badly. Implementing an 8 bit planar and/or chunky mode would eat up ALL chipset bandwidth during scanline DMA. Plus, it would probably also need an Agnus rework to enable the bitplane DMA.
A reworked Paula could in theory support HD floppy disks (1.76 MB for Amiga format) - but you'd have to rework DMA scheduling in Agnus since the allocated DMA slots are not enough for HD bandwidth (would probably screw up Agnus timing completely, that's why C= went the 'half speed' way).
You're surely much better off with Natami since it improves the whole design, not just single aspects.