Or how about:
DMC x Bayo by Itsuno x Kamiya
That'd be cool, too, but I think I'd like to see each director's take on the other universe.
It's a pipedream, but I would love to have a collaborative effort between Platinum and Capcom that would result in two co-developed titles "DMC x Bayonetta" and "Bayonetta x DMC."
DMC x Bayonetta would be developed by Itsuno's team at Capcom.
Bayonetta x DMC would be developed by a team at Platinum.
Both games together would cover two sides of one story arc, and there would be intersecting paths at different sections of each game. There would be boss fights against the respective player character in the other game, but the gameplay would be tuned and balanced by the particular development studio so they would feel like entirely different games.
You could maybe even integrate online co-operative or versus play (or turn it off) during these cross segments with the other game. Think almost two campaigns of RE6 as separate games, but not sloppy and with more well implemented crossover.