I think you could design it however you wish - the tongue and groove part is just one way of providing repeatable indexing. You could make the tongue larger and have only one, with grooves matching the angles you might want to present the tool at, eg. 90deg would give a 30deg chamfer. Or you could have a matching waffle design, like you find on various adjustable bits'n'pieces, which would be more granular. Even a spring loaded ball that locates on a divot could work, though I'm not sure that would provide a sufficiently positive lock. A rotary table would make things easier, but you could manage without one.
I personally wouldn't both with the adjustable tilt feature, I can't honestly thing of a situation other than thread cutting that would need it.
I also wouldn't worry about the cost of carbide, one insert that size is about $1.50 for 6 cutting tips. Even a positive insert, like a TCMT, is pretty cheap at the same $ for 3 tips.