I think we could do better, even in RGB by treating translucency as a 3x3 matrix instead of a single alpha scalar. Per-channel transparency could be represented by a diagonal matrix, but there is no reason that the current RGB basis would be adequate for representing transparent materials, hence the generalization to a 3x3 matrix.
Then a tint wouldn't need to be defined additively, a green tinted glass could simply not let most of red and blue through.
However as you point out, very few materials and lights are like this, hence why the approximation works well.
I wonder what are the pathological cases here. I'm imagining some setup where an object could appear variably green, yellow, or red; this could be maybe accomplished by different mixes of different red/green lasers and maybe white light. The paint might be bigger problem :)
[1]: https://en.wikipedia.org/wiki/Color_constancy
[2]: https://vimeo.com/11932120 (sadly poor quality, better rips can be found)