Its already possible.
I dont honestly see anything bad about this.. its game after all. In order to play on every faction, you need to level up 3 character, Im sure most have time for only 1 though. Last thing what devs want to do is to make communication between guild members harder, people have made alts for other factions all the time, so why they need to find another guild.
Best thing about multi-factional guilds is imho, maybe now guilds start to play other factions together and spend more time in the game. We all know HC guilds finish endgame in less than 2 month, if they move to another faction thats only good.