EDIT: Please note that the following is from my research and my experience, and is in no way completely inclusive or dismissive of a bacterial route. Merely showing what I've dug up and worked with, and how it's worked.
Most bacteria do a couple of different enzymatic conversion, HOWEVER, these conversions are usually VERY specific, and not always allowable to other things (You couldn't take mushies, feed them 3,5-Dimethoxyphenethylamine and come out with 3,5-Dimethoxy-4-Hydroxy/Phosphorloxyphenethylamine. It just doesn't work that way.
While it may be true that a WILD strain (Note that that is a SIGNIFICANTLY different animal than a transcoded bacteria, which requires alterng the DNA of the bacteria) that does that, and maybe you can cultivate it, however, Typically, such conversions are in SMALL amounts (Like 1-5g if that) in a Litre or more of broth, that takes time to cultivate, make sure doesn't contaminate, aerate, and the, finally, pull reaction mixture from (assuming a decent yield).
Just some of the issues facing it.
Once there is more progress towards submerged fermentation of fungi in the underground scene, we'll see more of this kinda thing.