Allow properties to be edited in node edit form

I wonder if it would be possible to have the option to customise properties on a node.

For example, a venue may host many different type of events, eg. music, sports, education, dance, etc, but the all these events could use the same event content type if the schema properties are visible on the node edit form, then they could be modified according to the particule type of event, rather than creating a content type for each type of event. The nodes would by default get the properties as setup in the content type, but these would be editable in the node edit form, much like the way path module allows the path to be edited if the author chooses to do so.

Thank you for a great module.