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They could potentially print-on-demand any part(s) of the catalog you'd like, but it all comes down to how much buyers are willing to pay. The price per page would likely be dramatically higher with print on demand or if they sliced and diced it too much.
Michel does provide print-on-demand catalogs, and prices are definitely steep. For example pod-version of US pages only would be 288 pages, with pricetag of 115€. Alternatively, I could buy the same pages and much more with US special catalog (894 pages, 64€), or go with generic North America catalog (638 pages, 79€). POD is expensive.
As for speaking of splitting catalogs, not sure how many know or follow Michel, but they are once again 'expanding' their current line of catalogs. Some new catalogs this season include 'French colonies' and 'Classics specialized overseas 1840-1914' (they previously had a similar volume for Europe), and number of regional catalogs will be split to even smaller parts. So it seems that Michel is slowly but surely providing collectors both approaches - both geographic catalogs, as well as period-specific catalogs (all available on paper as well as in digital).
-k-