You could have something that looked like a GCS talking to the FC via USB, The pair could indeed do telemetry via USB and the something could do whatever it wanted with the FC that the GCS can do. The something could certainly send the telemetry down to the ground.
The only question would be whether having the USB plugged in somehow makes the firmware run in a way that prohibits flight. I don't think so, but I have some 3 meter USB cables and now I have a strong urge to hover with USB plugged in.
It's possible that some USB timing requirements would hurt the real time performance of the flight code to the point of affecting flight.
If I remember, I will try it tomorrow and report back.
Be aware that the GCS adds timestamps to the telemetry it receives. The FC should really be the one to time stamp this stuff. Retransmissions, delays, etc. make timestamping on the GCS less accurate than it could be. Adding a relay between the FC and the real GCS would make the timestamps even less accurate. It would still be accurate enough for probably all usage if the relay was quick and immediate with no buffering.