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Using InnoDB, I don't know. If it's close to MySQL syntax, it should be possible. It would require adding to the class/database/ class files, and going through the modules to see if they need changing as well.
About UTF-8, it is possible. What you need to do is save the install, language and *.sql files as UTF-8, and then do a clean install. That way, all data entered into the db will be UTF-8, and the database will handle that correctly. I've tried it and it works. However, it's not UTF-8 by default yet, so keep that in mind for updates and modules and such. We will probably try to move it to UFT-8 tho. The problem is how to migrate existing data...
Herko