Hi, Mulgara has some standard Sparql support, but most of the "fun" things of sparql 1.1 specs are missing. There are other more standard triple-stores out there, but i don't think replacing the 3.x shipped one is trivial, because to my understanding there are still some TQL queries in Islandora out there and there are also some specifics on Mulgara that are not standard on other triple-store implementations.
One of the things i always wanted to do is to integrate an additional triple-store(not replacing the internal one) to enable a federated (multiple input) one to make linked data search across multiple repos possible, but the specifics on how to implement this solution has eluded my limited understanding on how API-M sends info to the semantic store interface.