Winnie, that is an interesting idea. I was looking through and I couldn't find much to support it but here's what I have:
(2017)
310.15 B Informational Note: "Allowable ampacities result from consideration of one or more of the following ... (2) Coordination with circuit and system overcurrent protection"
This seems to say that if there is coordination (and I'm not completely sure what that is) with the overcurrent protection, that the ampacity adjustment can be changed. Informational notes are not code however...
310.15 B 3 a informational note: "See Annex B for adjustment factors for more than 3 current carrying conductors in a raceway or cable with load diversity"
This seems to indicate that there is some provision for altering the calculations for load diversity. Once again, informational notes are not code.
310.15 B 2 Ambient temperature correction factors: "Ampacities for ambient temperatures other than those shown on the ampacity tables...shall be permitted to be calculated using the following equation..."
This seems to indicate that there is an option for an alternate calculation, but only for temperatures outside what the chart has (extreme) and the equation has no provision for the calculated load, it only considers the ampacity of the wire. So no help there.
Annex B.3 Criteria modifications "Where values of load factor and Rho are known...and they are different from...a specific table...the ampacities...can be modified by...the use of figure 310.15 B 2 a
Which points back to our equation that has no provision for load, only the ampacity of the wire. Also it mentions duct banks, which we are not discussing.
In conclusion, it looks like the code is hinting at something, but it doesn't come out and give you permission to use the logic you are using. Although I would say that unless there is some sort of interlock that would 100% prevent all loads from operating, you have to consider all of them as carrying current.
But to answer the OP's question. Yes, you can put it on a 20A breaker