Quoting the guru of initramfs, Rob Landley...
- When switching another root device, initrd would pivot_root and then
umount the ramdisk. But initramfs is rootfs: you can neither pivot_root
rootfs, nor unmount it. Instead delete everything out of rootfs to
free up the space (find -xdev / -exec rm '{}' ';'), overmount rootfs
with the new root (cd /newmount; mount --move . /; chroot .), attach
stdin/stdout/stderr to the new /dev/console, and exec the new init.
Since this is a remarkably persnickity process (and involves deleting
commands before you can run them), the klibc package introduced a helper
program (utils/run_init.c) to do all this for you. Most other packages
(such as busybox) have named this command "switch_root".
So I believe most memory should be reclaimed. The "extra" memory required during boot occurs while the copy takes place.
However, your idea is still interesting.