Yes, what you are saying could be possible (without knowing the facts).
You are going to have to look closely at the code that loads eeprom data into memory. (I hope you know x86 machine code/assembly).
Disclaimer: I have never written code to exploit anything, and am no expert but I understand the theory.
Most of the time, exploits are possible because the function being exploited doesn't check the length of that data being read into memory. It assumes the data is valid, and that it will read a delimiter (typically the value 0 for a string, for example) and stop. If the data is longer then the allocated memory space, and it is specially crafted to overwrite other values, especially a return address, you can take control. A buffer overflow.
The integer underflow in the dashboard (fonts) is basically a buffer overflow as well. It tricks the xbox into creating a small buffer and loading/reading data past the allocated memory.
I really doubt that either attack could work, since the fields in the eeprom data are always a fixed length, and these type of exploits rely on functions that accept data with varying lengths.
Even if there is a vulnerability, you may end up with a corrupt eeprom. I don't know if there is a way around that.