I wouldn't have the space for a latching relay of that nature unfortunately.
My understanding of Jeroen3's comment is the issue is more to do with my device causing a bus off error if the device were to fail. Surely this is no different to any CAN device with manual termination (i.e. using a header with jumper)?
The intended process is for the device to power on, read configuration data from non-volatile memory, and either enable or disable the termination resistor. This could take take several seconds (access to the non-volatile memory isn't instantaneous), all the while the device is 'on the bus'. I haven't yet determined how to manage/account for this scenario. I've started with the switchable termination resistor, because it's a requirement of the design (as mentioned before, the ability to enable/disable the resistor is a hard requirement, and a physical/manual means for doing so isn't possible), but I still don't have all the answers figured out

EDIT: Thank you for your post David, much appreciated!