I don't know if it solves your specific problem, because I have not looked at it myself, but I'll mention it just in case it scratches your itch: I've read that there are other build systems that can build Rust projects without invoking cargo internally, apparently in order to be able to be more flexible about linking with "foreign" object files.
I saw someone tweet about it just a few days ago, but unfortunately I don't remember which build system was used. bazel or buck2, perhaps?
I don't know about buck2, but I think both bazel and meson support building of rust project, but I don't know how well they can manage dependency crates.