Crossovers might have been interesting. They certainly would have helped to introduce certain characters from other soaps to the DS audience, which was the highest audience in ABC daytime for a good portion of the show's run (and, contrary to what some articles would lead one to believe, the DS audience was not chiefly kids - it compromised all demographics - though kids were certainly a big portion). Though, as you allude, they would have had to be very careful not to make people expect werewolves, vampires or witches to be running amok in Pine Valley or Llanview.
Actually, I wonder when the first crossover between unrelated daytime shows (meaning not parent and spin-off) took place and on which network? The first that comes to my mind was with ABC's All My Children and One Life to Live. But I never watched enough of the soaps on the other networks to really be sure...