I hope that pcvt never does the mouse cut-and-paste like the Linux console
   driver, though.

Why not?  The only other way to get cut and paste between virtual
terminals is to run some user-level program that sits between the user
and the terminal and interprets paste sequences.

Of course, if you implement the virtual terminals at user level, then
this is a perfectly straightforward thing to do (or not do), and again
it doesn't bloat the kernel any more.