Would it be possible to implement a way to change the controller movement scale from 1:1 to a lower value?

IE: Holding a pencil and about to mark a measurement on a board with a tape measure. You push or hold a button to change controller movement scale. Now when you move your controller 1 unit IRL your virtual movement is scaled down by some factor letting you make very precise marks with the pencil. (Or nudge boards a very small amount)

A similar system can be seen in H3VR (Hot dogs, Horseshoes, & Hand Grenades) in the weapon stabilization system. See YouTube video: H3VR Early Access Devlog: Update 100 Alpha 1 - UMP-9, Hand Filtering & Sniping Assist