I had a feeling that there should be no problem with multiple keyboards. I've used multiple mouse devices at once, and they always seem to work, even though they interfere with each other if both are moved at the same time. Two keyboards should work the same, although typing on both would result in jumbled text.
The HID+hub would be more expensive, suspicious, and perhaps less useful on a laptop, but I keep seeing more and more chips which implement a USB hub. Adding a few buttons for macros and an HID device should be easy. In fact, I don't think that that any literal merge would be needed so long as multiple keyboards are allowed. Once you have designed and implemented a HID+hub, with upstream and downstream ports, I think that it should still be possible to plug it into a laptop USB without an external keyboard and still get the right features. In other words, if the added expense of a hub doesn't stop such a project from getting off the ground, then it should be flexible enough to work in any situation, even one where a spare USB port is not available (provided you can remove the keyboard).
One final note is to wonder whether any system have security measures which might ignore added keyboards.