Yes, this is pretty much possible. I have implemented the aforementioned OTG ACA support and got it to CyanogenMod9 upstream. Anything which uses the same kernel (or, if you can cherry-pick changes and compile your own kernels), could use that too. Changeset URL: _ttp://review.cyanogenmod.com/#/c/15850/
You need to use a regular USB OTG cable, but place a 36 KOhm resistor between ID pin and GND, then you should connect GND and Vdd to some power source. I used an MHL adapter which I had no use for, as it had two of three connectors I needed. This setup allows me to watch movies from 2.5" notebook hard drive while simultaneously charging my phone if I plug in a 2A-rated adapter. Note that it's impossible to use 650mA charging rate due to chip restrictions (USB HC is too stupid to understand the direction of current flow, and it reports an over-current condition); you have to settle on 450mA.
If you don't know how to solder, or if you use something else than CyanogenMod9 and cannot compile your own kernels, you are out of luck.
I have tried to find an existing USB OTG ACA dongle, but I was not able to find any. If you will be more lucky than me, you can just use it--my patch is compliant with USB specification and will support any compatible dongle.