"Links" Editor Component for relationships?

[madsem]

As the title asks, is it possible to make a custom component for the editor, that works like the "links" component but where you can select a related entry?

I imagine you'd select the custom link component inside a block of text, select the related entry and then it automatically turns into a link inside of the text preview, instead of displaying a huge box that messes up the text flow inside of the preview...

Is that doable? :)