Brainstorm magic done below...

That's been done and added to Android actually and the issue is only for ASM related codes while the codes like most infinite stats codes would always work if they are for the current values instead of the executed ones.
The thing needed is a realtime change of what actual cheats are enabled and disabled or the cheat being changed.
This is different than using activators since you are modifying the cheat itself instead of the activator reading and writing the command you already placed for it,meaning something different needs to be done.
Maybe a fast list of the one game's entire list of codes and the function to refresh that list while the time you are editing codes is when you are actually editing the main cheat file ingame but like you normally would which is then copied to the fast list and thus refreshing it. :isanerd
While editing,adding,or deleting codes,the enabling or disabling of codes should be linked to both lists,so when you enable a code in the fast list,it is enabled in the main list and vice versa.
Simply put,the cheats loaded up should be the entire list for that game with indicators whether or not codes are enabled. (the way DS homebrew carts do it with ds games and action replay codes)
The biggest part is reprogramming the way cheats are done to support this style.