You mean the content would show up in the Catalog?
Maybe you'd have each portal show as at the top level and its contents underneath (collapsible), like the Servers and Databases items in catalog right now?
They could get rid of the existing Portals UI under Project and have it all managed Catalog, just like databases. Under Portals, right click -> "Add Portal" then option to either store credentials and login automatically or to prompt when you click on the portal to open it. I guess to fit in their model there would be Portal connection files like AGS and SDE files. It would be an AGP file.