At *very* high screen resolutions you'd be right, but given that the point of this thread is help reduce VRAM usage...
No the point is (FXAA + HD Textures) will still look better than (4xMSAA+4xTSAA + low-res textures) with both using a similar VRAM footprint. Its simply a trade-off, by reducing deferred AA you free up VRAM for HD textures, which have a bigger impact on overall image quality, imo. There is still a point in using the high-res textures with FXAA because the blurring effect does not invalidate the use of the HD textures over the low-res ones. The difference in texture quality from the HD pack over the low-res pack is still clearly evident even if you use FXAA.
Some of this is subjective of course, but it works off the assumption most people would not reduce texture quality before reducing AA sampling/modes.
Some kinds of shimmer can be reduced by FXAA, other kinds of shimmer are actually made worse by FXAA. FXAA is a post processing effect, and one that doesn't use any information from additional buffers (such as the depth buffer). Such a PP effect cannot add any information to an image, it can only take information away.
No, FXAA reduces all types of shimmering because it applies to everything in the scene (that's why it blurs everything), unlike MSAA or TAA which only apply to certain elements within the scene like edges of geometry or transparencies. MSAA and TAA do nothing to reduce shimmering on textures or shaders, which are more likely to be a problem with the HD texture pack due to finer, sharper details that aren't touched at all by traditional AA modes like MSAA or TAA.