Yes, but his issue is how to acquire that data in the first place so it can be put into a database. Once you've done that, the challenge becomes knowing when a routeConfig has changed.
My app (used to) make a separate request for each route served by a given stop when users asked for predictions for that stop. It didn't batch, but it did cache (keeping the XML response for up to 7 days).
If I were to have added a "find nearest stops" feature, I would have used the approach you suggest. Since Boston MBTA is no longer served by NextBus, the issue is moot for me.
But the approach I would have used would be to make the 176 requests from my own computer -- spaced over time -- then accumulate those XML files and create a database which I would preload in the app. The app would then update its copy of that database over time with new routeConfig requests as needed, following some logic I would have devised for that need.