The splits and merges would definitely affect signal integrity. Signal integrity is one of those fields that can feel like dark voodoo magic. I know people who are signal integrity experts by trade.
Would the splits and merges definitely make the signal integrity worse to the point that it wouldn't work? Maybe not. But if you're designing a high speed cutting edge standard, you probably don't want to make decisions that limit the best signal integrity an implementer could achieve. Signal integrity is all about balancing the bad SI decisions you have to make because of some product goal or whatever with tighter tolerances elsewhere. The more "clean" the standard is, the more tolerance it has for the implementers.
Would the splits and merges definitely make the signal integrity worse to the point that it wouldn't work? Maybe not. But if you're designing a high speed cutting edge standard, you probably don't want to make decisions that limit the best signal integrity an implementer could achieve. Signal integrity is all about balancing the bad SI decisions you have to make because of some product goal or whatever with tighter tolerances elsewhere. The more "clean" the standard is, the more tolerance it has for the implementers.