We have done this...
Just an FYI - - our company created a mod to do this, but a little more advanced.
It allows users to purchase as many items as they want - but tells them in their cart (also displays inventory accurately) how many items are on backorder and how many are in-stock. It then only charges them for the items that are in - stock - splitting the order into a regular order and one with a status of BO that has all of the BO items in it.
Then, in the backend, we have a "ship" button on all BO'ed orders - so you can choose to ship 12 of the 14 BO'ed items, and charge them automatically (assuming they paid with CC or E-check) for the items you just shipped, and send them a receipt.
This isn't a "free" mod and actually took months to develop correctly, but it works flawlessly now - recalculates shipping/tax and takes into consideration all of the little things...
Don't know if there is interest - and it may be more expensive than what x-cart is trying to do - but wanted to let you know it can be done...
Instinctual
Colorado
X-Cart Versions 3.5.x - 4.0.x
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