I did something like that for the BananaPi R64 (mediatek/mt7622), there also we need a board-specific main device-tree and select one additional device-tree-overlay to select active hardware features (SATA vs. 2nd PCIe in this case).
We do not support a single image for different base DTS yet, simply because that wasn't needed yet and we generally provide a dedicated image for each board.
Having initramfs image in FIT is also supported, also see mt7622 boards for example.