I wish we could have the option for companions or (especially) player characters to interject in and help with conversations, and just being able to participate in them in general.
Yes! Exactly.
I would love to have option for my high str fighter to try intimidating someone instead of CHARNAME with 8 str
You can change the character in conversation with one of the buttons on the bottom left, if I recall correctly. Have not used it, so I can not say whether and how this works, but I figured this was the sole reason to implement something like it.
I wish.
What that button actually does, at the moment anyway, is let you control another character. Not in the conversation, but in the sense that you can walk around the map and have them do their own thing like shopping or talking to a completely different NPC.