The Humber River Valley Boys used to do a version of this. It was pictured on the cover of the album They Said It Couldn't Be Done (The word "Couldn't" was crossed out and replaced with "Shouldn't" on the album cover.)
The Country Gentlemen did a tune with all of the instruments, but the guitar player would continue playing the right hand of the guitar, but play the left hand of the banjo, which freed the banjo player's left hand to play the left hand of the bass which freed the bass player's left hand to fret the mandolin which freed the mandolin's player's left hand to fret the guitar.