At a BTS seminar several years ago, Dr. Claudia Sotis* pointed out that O2 dissolves in blood plasma, just like inert gases do. There are depth/PPO2 combinations at which the dissolved O2 can deliver enough to the cells to offset the deficit caused by CO having bound to hemoglobin. She showed the math. Of course, there are (a) a threshold above which one would effectively have a hard ascent ceiling and (b) different degrees of how much hemoglobin has been bound to CO, which changes that ceiling.
The interesting part of this is that it's one of the reasons she believes CO exposure crises present themselves on ascent. I found her arguments persuasive but cannot find my notes (two or three computers later), I'm afraid.
This is perhaps straying a bit off topic, but I'm not sure how many people have thought about this.
* Yes, I know. But let's leave her husband out of it, shall we? Not pertinent.