Now that I've been able to access the full article at the WSJ, here's how the bills could potentially be split:
Healthcare Reform Bill #1
Expensive budget-related provisions and potentially the public option. Reconciliation would be used here.
Healthcare Reform Bill #2
Various regulations against health insurance companies. Normal vote procedure, possibly with more Republican support.
In theory this seems like it could work. Though as Oliver Willis points out, Harry Reid would be involved with how things divide and what gets preserved in a messy reconciliation vote. Harry Reid is about as reliable as a paper condom.