Guys,
I think this Might work for a very small application with a small number of lookup tables but any more than that it's just a bad idea... Doing so would 'paint yourself into a corner'
I had to support an app that was designed like this and there were constant changes to the table structure, and performance was a nightmare. Eventually some of the more critical data was moved out into individual tables.
Just say no! to bad design...
Mark