Hmm. Actually Kivy's internal Atlas already does much of what you describe in a spritesheet.
The Atlas is just a larger bitmap kept in graphics memory VRAM which is stored into from any
images you load (including Kivy's own images for the GUI theme) which is any image format
Kivy/PyGame can read (PNG, JPG, etc). They are blitted to the screen in VRAM. Kivy is 2D so
it doesn't use cubes but it does generate 2D textured rectangles in OpenGLES (which just have
their Z's all flattened to 0 by design).
Your example of moving around an Image in response to touch events would acutually be a
fairly trivial use case in Kivy.
I'm not sure if the Atlas functionality can be used explicity to manage additional VRAM (or system
RAM perhaps) Atlases as an implementation of spritesheets.