I assume that you want to convert the waveform, not only to measure the signal. Is this the case?
In that case one possible solution can be as follows. (Maybe this is similar to your idea, but I didn't understant it completely.)
You can have several ADCs operating simultaneously, each one of them converting the input signal with different gains. The several gains can be obtained with amplifier stages in cascade.
Strong signals are well converted by the first ADC (that with the lower gain) and saturates the others.
Now, if you reduce the amplitude of the signal, the first ADC deals with a weak signal and quantization and noise become important, but the second ADC converts it without saturation.
There is no need of switch. Digital processing decides which of the ADC is giving the best signal.
Number of converters depends of the total dynamic range, number of bits of the ADCs and noise allowed.
It is a way to increase the total dynamic range.
Another solution that can be useful is a logarithmic amplifier; it compresses a big dynamic range to a reduced one.
The log amplifier can be with detector or "true". It depends of you application. E.g.: Are you interested in conserving the waveform or just to measure amplitude of a sinusoidal signal?
Regards
Z