I don't know much of this history, but was integrating Chrome's processor model into WebKit feasible at the time that WebKit2 was built? What were the reasons for not doing so?
The position we're taking is that the Content layer (in Chromium) is the right place to hook into the system: http://www.chromium.org/developers/content-module That's where we've drawn the boundary between the embeddable bits and the Chrome and browser-specific bits.
Regarding the history, I'd suggest adding some questions to the Moderator for tomorrow's video Q/A: http://google.com/moderator/#15/e=20ac1d&t=20ac1d.40&... The folks answering questions there were around right at the beginning... I only hopped on board ~2.5 years ago. :)