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doing hw mixing or when lots of streams are handled. None of this
applies to my case. Also it looks like PulseAudio knows nothing about
subdevices in its detection loop, meaning the user would need to
manually add some load-module commands in the PulseAudio configuration
files. And last but not least, I didn't see very many lines of code
(and no documentation) that showed how subdevices are
registered/handled, etc.

My conclusion is that multiple devices would seem like a much better
option. But I wanted to check with the community that I am on the
right track. Thanks for your feedback!
- P