Well i'm slowly thinking about it but playing with laser designation in dcs a10c and dcs blakcshark gave me some idea:
having a mounted laser with 4 mode : 4 different laser frequency (color) how it would work:
The tagger would decide one of the color for its laser designator while the other player with the missile select the same color tracking mode for its missile.
In multiplayer scenario this would allow single designation with a whole team synced on the same laser color (all missile would reach the same target) or two tagger and well you may have a tagger on red and two shooter with the red things while you would have on tagger with a blue designator and the two other player synced with this blue one. (ok the problem is that we would have reach the max player per server limit but you see the idea.
i think this would work with a bunch of lua, but as i am not lua capable yet it won't happen anytime soon.
Of course as a bonus : if you are on the opposite team you may try to guess their color designation and try to return their own missile againt themself
The advanced version would be to enter a 4 digit code for your laser frequency when you are tagger and have to enter the samed code for the missile holder : it would allow more security.