Nokitchen,
You can clone just about any gene into bacteria to produce proteins. We can even clone these genes to only produce proteins in the presence of a particular sugar or compound, which is called inducible expression. The only limitations that I can think of are proteins that are toxic to the bacterium. The astounding diversity in the bacterial community should be able to overcome this. For example, some bacteria produce antibiotics such as streptomycin which kill or inhibit the growth of their competitors. I have no data, but I'm pretty sure that bacteria could be engineered that will ferment with similar to various yeast strains. As Brewzombie alluded to, there are artificial bacteria whose entire genome was synthesized in a lab (link:
http://www.dailymail.co.uk/sciencet...life-created-Craig-Venter--wipe-humanity.html) Using this process, a bacterium could be designed step by step to express only the proteins necessary for life and fermentation. I can't imagine the amount of time, funding, and effort this would take to re-create yeast which do a darn fine job of this. As an intellectual exercise, I am intrigued. I like the thought process, even if the feasibility is a stretch.
Just for your personal information, bacteria (as a mixed population) produce and have available far more compounds (acids/ esters) than human can. In fact, animals who are raised to have sterile digestive tracts have 40% less body fat than animals raised with normal intestinal flora, though the sterile animals consumed more food. (Backhed et al. Science, 2005)
The take home message from this study is that bacteria aid animals in digestion and utilization of nutrients by breaking down undigestible compounds into things that we can utilize.
Also, certain species of bacteria can consume and thrive on some crazy carbon sources, such as oil. Google "bioremediation" to learn about how engineered bacteria are used to clean up toxic spills. That's the type of stuff that makes me love learning about these "bugs." I'm just using these as a couple of the many examples that the bacterial community can utilize and produce just about any compound on earth. Loving the dialogue.
Cheers,
CJ