Thought so, but it's hard to be sure without you actually saying so.
That was really just a hypothetical scenario, though I honestly don't think it would be a bad way to go. The number of exercises that you would do each day would depend on your individual responsiveness to different protocols.
Do you respond well to volume? If so, then you'd probably want a decent amount of exercises and sets/reps in your program. If you don't, then you'd want to probably keep it to just one exercise per body part and a low number of sets/reps.
If you really feel strongly that you need multiple exercises per body part then of course do so. It really depends on your personal recovery abilities and of course the methodology that you're using for your program (i.e. going to failure/not going to failure).
If you're not sure, then perhaps start with #1. If you find that you can't continue to progress, then perhaps switch to #2. Or you could try switching to just one exercise per body part. If applicable compounds will generally give you more bang for your buck, though don't think that means that isolation exercises aren't worthwhile as well.
For instance, calves are pretty hard to really overload with compounds. Sure you'll get some stimulus from the increased ankle stabilization present in heavy compound exercises done standing (squats, deads, olympic lifts, farmers carries), but calf raises are probably still the most effective method of building calf muscles.
Biceps are another example of a muscle that many people find need direct work (isolation). Sure, supinated back work will give them some stimulus, but unless you're a really arm dominant puller (and in that case you'll probably have a lagging back), then they probably won't grow optimally from just doing compound pulls.
No, changing exercises that frequently probably wouldn't be optimal. I'd suggest picking two groups of exercises for each muscle group that you feel (if possible from experience) will build that muscle best. So, perhaps you like dumbbells more than barbells for chest. Then perhaps day 1 you'll do flat DB bench, and day 5 you'll do DB incline bench (depending on your individual needs as well).
Or, you could just stick to one variation and change the reps up between the two workouts. You will probably be able to continue to progress on the exercises longer if you use two different exercises. But, do whichever works better for you.
If you change up exercises too frequently (like every cycle) then sure, you'll get a varied stimulus and probably won't burn out for a very long time. But it'll also be harder to make noticeable progress between each time that you do the same exercise.
Hope this helps.