Yeah something like that but more elegant and compact. So you can branch of the main cable. I can't think of a suitable connector for this though.
So for instance:
A rough sketch but it might work better if the same connectors exist on the PSU's modular plugs as do on the in-line connectors, so you get to use the short cables too if needed for even more flexibility. But the Mini-Fit Jr plugs most modular PSUs use are very bulky for in-line. Maybe something less bulky for SATA at both ends, but use more robust and higher rated connectors for PCIe for instance.
Just a random brain fart, I haven't really thought this through much.