If for example our non-talking characters can click on talking character and have there option to switch ... it would be awesome ... im not even sure if NPC's need to react on such action, after all ... we are all there and anyone can jump to anyone elses speach at any time ... right?
I would treat conversations as they do turn-based mode - every companion within a bubble (can be smaller then Turn-based bubble) gets pulled into the conversation.
The biggest downside of group conversations would be that it would need to be designed for multiplayer as well - figure out how players would "fight for control". As it is, one players take over conversation and others can just vote.