It is feasible but for a given capacity, a TVS is more expensive than a MOV simply due to their construction differences and materials and I think this explains the difference in popularity. The TVS has the advantage of not wearing out with repeated use while MOVs silently stop, um, MOVing.
Before MOVs became popular, they used to make some really big TVS devices.
I would not put a MOV in parallel but I might put a GDT in parallel.