That's an interesting idea. It's more in LabRat's territory, as well as that of the general editors. I don't know if they all use Microsoft Word, or what version.
Sending story docs between myself and the GEs, we use text - simply because it seems to throw up less compatibility issues between pcs.
But I think the GEs themselves use various formats when working with the authors. Whatever they're most comfortable with. I don't think they all use MS WORD, no.
I have no idea what would be involved in using something other than WORD or text docs, but that's no reason not to give it a go if it makes things easier for you guys.
Many moons ago I prepared an archive-to-Word how-to addressing conversion and spacing issues for the archive staff,
Yes, and hasn't that saved my butt time and again over the years. Well, hours of tedious work, at least.

<wistful sigh> I really miss that little guy.
LabRat
