Okay, so the way I imagine the ubershader is as an interpreter for uncompiled shaders. It may be much slower than the compiled shader, but it doesn't need to wait. Just like JavaScript or Python or Lua can be interpreted instead of compiled. So if a shader is required for this frame but isn't compiled yet, you use the ubershader to render it right now while asynchronously sending it to be compiled for full-speed rendering on future frames.
But yeah, it might be completely impossible, I really know nothing about how shaders work (both before and after compilation).