I really don't see why it would need a new protocol. You can change stacking of "subsurfaces" in the traditional X11 fashion and you can most definitely do "drawables of drawables". At the very least I'd bet most clients still create a separate window for video content.

I agree though it would require a lot of changes to the server and no one is in the mood (like, dynamically decide whether I composite this window or push it to a Xv port or hardware plane? practically inconceivable in the current graphics stack, albeit it is not a technical X limitation per-se). This entire feature is also going to be pretty pointless in Wayland desktop space either way because no one is in the mood either -- your dmabufs are going to end up in the GPU anyway for the foreseeable future, just because of the complexity of liftoff, variability of GPUs, and the like.