Unfortunately you can't just clone LayoutInflater or use other such tricks to do this -- layout inflation is entirely dependent on the view constructors which take an AttributeSet argument, which are entirely dependent on the Context.obtainStyledAttributes method, which itself is entirely dependent on having a pre-processed binary XML file to be able to do reasonably efficient attribute resolution.
An alternative approach you can explore is to use the aapt tool (or more likely a hacked version of it) on your server, to compile the layouts you generate into the appropriate data. Unfortunately we don't currently have a way to contruct an XmlPullParser from a raw binary blob (it must get this blob from the AssetManager), so there is a fair amount of work to do on both the client and server with this approach. I suspect one can come up with something pretty neat, but it will be lots of work.