I had occasion to come back to this question today, and had a wild (and potentially stupid) idea:
The STM32H7 I am looking at does not have > 1 independent IO bank, however the IO rail is separate from the core, DCDC input, etc. You can probably see where this is going...
If
(1) sleep current on the SD card is acceptable (usually less than 500 uA from what I understand),
(2) the application can require the SD card to be present at power up, and
(3) 1.8V is a satisfactory IO standard for everything else connected to the MCU,
then in principle you can design a switchable 3.3/1.8 VDD and supply it to both the card and the MCU. Immediately after MCU reset, VDD=3.3V. Perform the card initialization and voltage change while all of the other IOs are still tri-stated. Then, switch the VDD rail to 1.8V and proceed to configure other GPIOs/peripherals, everyone operating harmoniously at 1.8V.
Alternatively, does anyone have an up-to-date recipe for doing the proper level translation without relying on chip-scale BGAs with 0.4mm pitch?