Would it be hypothetically possible to tweak this module in some way that would allow it to be used for entity reference field selection?

See screenshot: http://i.imgur.com/VcqxLzn.png

The most significant difference from default functionality that I see is that the autocomplete would need to return a list of individual entities, rather than a list of search terms with multiple results per listing.

Could this kind of functionality be potentially implemented? Using solr as a back end for autocomplete searching would make finding entities using an entity reference field a lot easier, as the current methods don't really scale... For more information and reference see https://www.drupal.org/node/2374955