Yes I can see this but must be a pain to program as each entity has to be cut as an open line so it lifts off [ Z clearance ] at the end of each cut.
But if it does lift, then plunge down to do a cut at say 90 degrees to the first, how does the blade move round if it's just a swivel ?

Did a search on Ebay and you can get a simple tubular knife from the states with shipping for £115.

Cut Sign Vinyl - Drag Knife Bit for CNC Router End Mill | eBay

Marchant Dice sells the same item for £200