Is it practical at all, even in theory, with noiseless light detector and so on?
Say you have a DC+AC signal which is correlated with noise, what can you do with it?
Subtract the DC offset and add the rest to the output?
How would you do it, using a separate reference? What about its drift and noise?
RC filter? Might as well put it on the normal output of the reference chip...
In practice...
Dark current of photodiodes increases with temperature - obvious source of drift.
The light output of zeners is weak, so the signal you are looking for (if it even exist) may be swamped by noise.