I like this idea a lot. I chatted with ArcticKitsu who said this sounds similar to the tanning craftwork in Skyrim which I looked up and it sounds very interesting.
http://elderscrolls.wikia.com/wiki/Tanning
As a matter of fact, I don't believe we've yet had any in-depth discussions about pelt and hide and leather work on this forum. In the past we have had discussions on and proposed new plants such as hemp, reed, and bamboo to be added as sources of thatch and fiber and other basic crafting ingredients. ArcticKitsu has brought up several ideas for new primitive tools that could be made. We want to see this game develop to have a complex crafting system. I'd like to see something much better than what ARK offers. You start out on the land with no tools or weapons and you have to gather basic raw materials to make a simple tools and work your way through the various ages of technology.
I personally want to be able to gather the hide of a bear to make myself a bear carpet!
I will also say that a horse model does exist but is not yet available to spawn. Anything new to be added is possible and what you've proposed is most certainly possible, it just comes down to time spent coding and modeling. But you have two thumbs up from this fox on your ideas