What you describe should work, with certain caveats. It would require peers to disconnect from the room and connect to another room per layout, which is manageable. One major disadvantage would be that your hosts would not be able to communicate with each other. You would have to rely on trusting your peers with the data they carry as they switch layouts/signallingrooms/hosts. The "latest" information state for each peer would only be known by the last host they were with and the peer itself, so you might run into persistence issues.
Magistross's suggested method is how I would attempt it, but you won't be able to take advantage of the built in sync object feature, and messages are not as bandwidth friendly.
Much of it depends on your specific project's requirements and scope especially in terms of number of peers, persistence, and host authority.
Note that if your hosts have a method of communicating with a central database, there potentially be huge advantages to using the method you are asking about.