This would be cool, but it can be done with a single set of heads if the utilization is less than 100%.
Multiple sets of heads would be useful if the limiting factor is positioning.
BTW, I don't know how a multi platter drive records its disk blocks. Is a block contained in a single platter or does it spread across all platters and read/writes from all heads at the same time?
Dual arms would be handy if the drive had a RAID-like checksumming scheme between platters. If a platter is corrupted but is still readable/writable (it wasn't a head malfunction), the drive could rebuild itself without the help of a computer.
Even if it is a head malfunction, the data could be redistributed between the other platters, reducing the drive capacity.