Even opening and closing the shutter multiple times during one exposure will cause issues - but probably still possible to get under control. But covering parts of the detector will create significant variants that will be extremely hard to control for. Keep in mind we don't really want pretty pictures, but we use these images to measure the brightness of objects in those images (photometry).
In space that approach would work quite well indeed, but then you wouldn't need it in the first place..
Edit: Even if one still has to mask the streak in the data in the end, it might still be useful to do, since it will protect the rest of the image from any excess blooming.
I think you could mitigate the problems with conditions changing if (instead of blocking out the streak in the image with some per-area shutter) you tracked the satellite in the image with a horizontal (or vertical) shutter stripe which has the right width to cover the entire satellite. This would make the data lost really minor, and changing conditions wouldn't be a problem, and the exposure would be even. Does that make sense?