I've always wondered about this possibility. Some of the resorts are stand-alone, such as HHI, AUL, OKW, VB, and SSR. Others are part of an existing resort. At VGC, where we own, you turn left and you're in DVC, turn right and it is the GCH. In fact, if I recall correctly, a couple of the GCH rooms exist between DVC villas. Although you can sell whatever you want to sell, it would seem a problem to sell the villas and not the hotel. What if the new owners don't keep up the rooms of the villas. Wouldn't that reflect on the hotel?
Another question is how many resorts can Disney build? What happens when every single deluxe resort has a DVC component? Do they start building at the moderate resorts with a different price model? It seems the big money is in the sales of the villas, not in the maintenance. Will Disney be bored of just the maintenance and sell that off?
Time will tell.