I don't think I've every seen subtitles like that on any anime Blu-ray, while it is most certainly possible. Whether or not you'd want it, is another question. If done correctly, sure, but seeing how many anime BDs can suffer from a plethora of issues (black levels, rubbish upscaling, banding, etc...), I think I would prefer simple subtitles for the essential parts (and only placed in the vicinity of the on-screen text when needed).
As a fun-fact: on the German Clannad BDs I have, the on-screen text is actually replaced with a translated version. Of course, this was done on the video track and not as subtitles. It was done really well, that you almost didn't realise it was not the original text, only by the fact that it was German.
Though I don't think that approach is worthwhile as it does require different video tracks for every language and it can easily ruin a release if done incorrectly (which I fear many parties would if they attempted it).