When I saw that Icon in the game files I really got inspired for something like that!
I had an idea (I even started working on it before ACE) but it is a little different, it would allow you to create “festival” places (like taverns and Inns, festival squares, etc…) and hold parties for your hearthlings. A Bard class would then be the “catalyst” of such festivities and parties, improving their outcome (buffs, happiness, etc…) the more developed they are 
Here’s the description in my modding thread:
I hope I have time to continue it after we’re more or less done with ACE :3 So feel free to share more ideas or thoughts!