This is already done to a limited extent, although it certainly could be done to a greater one.
In the raws, under "entity_default.txt", you'll see the likes of the following:
[SELECT_SYMBOL:REMAINING:EARTH]
[CULL_SYMBOL:ALL:DOMESTIC]
Words are put into categories of concepts they are associated with. These token from the dwarven entity raws mean that "domestic" words (words associated with familial ties) are removed, and words associated with the earth are more common when naming dwarven constructions, such as tunnels. (This means that names like "The bridge of stones" are more common than most names, while "The sister of fathers" should not occur.)
The association of words is controlled in the "language_SYM.txt" file.
If Toady does read this, though, I'd like to request some further work on how language is constructed. Currently, there is no morphology of words for tense. I'd really like to see some sort of rules set up so that pluralization, or verb tense can be raw-edited. That is, have dwarves pluralize a word by adding "en" onto the back of the word, or make it past-tense by adding "òm"
Additional bonus points would be raw-edited grammar rules, such as word order. (That is, setting the order of words to adjective-noun-adverb-verb or verb-adverb-noun-adjective or something mixed between. I.E. "The quick brown fox nimbly jumped over the lazy dog" versus a language where you say "dog lazy jumped nimbly fox quick brown.")