It does on android phones, I'm rereading his info tho and drawing some conclusions
1. the config.txt would define 2 different boot options, so we'd need something like berryboot to instruct the pi to which one to boot, from what I read this pretty much replaces the boot partition, but with configuration we can make it boot to android by default and just wait a few seconds to let us choose recovery if we want to
2. we'd need 5 partitions on the card total, so we'd probably have to move both cache and userdata into an extended partition since we can't have more than 4 primary partitions on it (don't know if the pi would like that tho)
3. it sounds doable if the recovery works.