I'm a big fan of VCS in general and a big Mercurial amplifier, but I really think you are going the wrong way.
VCS are not just iterative changes, “what”, they also answer “who”, “when” and “why”. For a database, these answers are much less interesting or inaccessible for VCS. If you do night export and fix “who” will always be “cron”, and “why” will always be “midnight”.
Another thing is that modern VCS really help you merge changes from multiple branches. This is less applicable in the database world. Very rarely, you say, “I want this table structure, but this data,” and if you are merging text / diff, it will not help you.
What the “what” and “when” does very well is an incremental backup system and is probably better suited.
At work, we use Tivoli, and at home I use rdiff-backup and duplicity, but there are many great options.
I assume that my general rule of thumb is “if it was introduced by man by man, it brings it into the original control, and if it was generated / exported, then it goes in incremental backups”
Of course, you can do this work, but I don’t think it will buy you for more traditional backup solutions.
Ry4an brase
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