SHA/Scrypt hybrid
If if this where possible, I'm not absolutely sure maybe it actually is (but I don't think so), it would not make any sense to develop such a thing. It definitely would be inferior and more expensive than a specialized device.
Sure its possible and likely already here.
Correct me if I'm wrong but the LTC network alone jumped by 50% in a matter of days, some weeks ago. Feathercoin, Novacoin and others are also turning into giants.
A ASIC that can mine scrypt and sha? I doubt it.
I don't think the approach is to mine both on the same chip. From what I've seen somewhere, there was a system with multiple SHA asics, some GPUs and ram.
That said, in 2 years I still can unload my graphics cards to gamers at 60+% purchase price if I'm patient. And then there's the granularity. I can get cards as gradual add-ons starting at 50€ upto 600€ range, new or used, tweakable, with decent hash rates