I've read that the IR controller in the wiimote can only process 4 points at any one time.

Is it possible that by asynchronously flickering IR LED's then more than 4 LED's could be detected?

For example, the wiimote apparently updates at 100hz, 4 LED's could pulse on the even cycles, and another 4 could pulse on the odd cycles, and then this interleaving could be extrapolated in the pc, giving 8 signals at 50hz.