i know (at least i strongly believe) it is not possible currently but maybe that could make sense for quite some applications.
when i have a joined SubD and split it along some edges or delete the adjacent SubD faces the continuity changes naturally which is an inherent property of SubD, but sometimes i would like to break up a peace to convert it to Nurbs for instance to have the faces more manageable which then is not possible because as soon as i split it the shape changes. but of course also when i just want to maintain the shape when i split something off, controlling the continuity of the edge would just generally be something interesting to have.
i speculate for this to work we would have to implement trimmed SubD which is probably not going to happen any time soon, but maybe there is something in the SubD properties that are not exposed or could be implemented without too much voodoo?