I tried that. It doesn't work. The character countdown appears to be letting you put in a long URL, but it rejects the tweet upon posting. Specifically I tried putting the first section of "A Tale of Two Cities" into URL form :-P
Surely it has some hard cap, otherwise I can see this being abused (base64 dumps)
Not sure what the appeal of inline base64 would be, though, over linking to a hosted file. Twitter is about sharing text, and arbitrarily long URLs mean mom and pop can achieve longer tweets by just adding http:// and using dashes.
not really, considering it'll get truncated
Apparently they still count data: URLs towards the limit.