If I understand what you are saying (and maybe not), would you create a handler that would intercept the request, parse the variables, and then request the appropriate page through REST? If this is what you mean, then I’m not sure that I will follow what you will benefit from it. REST (in general) is rather a universal HTTP API for getting methods - not so much the page / content paradigm (I think I suppose it could be).
If you want to use CF as your SEO rewrite URL handler, you can do it now. To use the IIS example, you can create a "custom 404" handler, a CFM page that receives all requests that are not bound to a specific document. The handler teases the variables by parsing the URL, then "includes" the correct code or cfm page. This is similar to what you want - but it is not really REST.
Perhaps you are thinking of making some kind of CFHTTP call where you grab the content you need by building a query string from a URL. Therefore, if someone loads a URL, for example:
blah.com/productid/550
You can write code like this -
<cfhttp url="http://blah.com/index.cfm?#listfirst(cgi.script_name,'/')#=#listlast(cgi.script_name,'/')#"/> <cfoutput>#cfhttp.filecontent#</cfoutput>
Although this will be a trick, you would be better off using cfinclude rather than this approach. An approach like the one above actually generates an additional stream for each request - one stream for the browser request and another for the cfhttp request.
Finally, I would say that the Rewrite URL (in apache or IIS) is more efficient and more "conditional", and therefore, probably the best choice overall.
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