So I was reading some of the lore regarding the Aedra and Daedra. Seems a scholarly interpretation is that the merish alignments of said deities is negligible to the fact that one group helped create Mundus and the other didn't.

So I was sondering... would it have been possible for the ones now known as "Daedra Princes" to be the ones to sacrifice themselves to create the mortal world, while the "Divines" chose to sit it out?

Not considering for the likeliness (or lack thereof) of the princes doing such a thing, what kind of world would that be? Would it be more or less identical to the current one, with simply a different set of pantheons? Or would it be a completely different world considering the different spheres and personalities of those who went into creating it?

I assume you heard of Aurbis being described as a wheel with eight spokes?
Well, the Aedra(excluding Lorkhan, who's just plain weird) are those eight spokes.The spaces between those eight spokes are the daedra princes.
Each prince represents an idea(or more). Eg. Mehrunes is destruction/revolt/bloodshed, Hircine is the hunt, Sanguine is debauchery(also, possible god of partying with dragons ;P) etc.
Aedra are the kind of ideas who allow a world to be stable - time, love, beaty, work etc. - The Eight Givers, as there are eight gifts.
Lorkhan's brains(and heart, and body, and sou and mind) being blown out of course symbolize his role as god of space - being spread out.Also another gift, not quite conventional
(no more puns, I promise) , though.

Mundus, as the hub of the wheel, depends on it's spokes.
Had those spokes been destruction, debauchery, hunt, darkness, plotting, demonic knowledge - you'd get Oblivion, except with all the daedra spheres merged.Time wouldn't be linear, due to Time not playing part in creation, no love would exist, everybody would be lazy criminal scum(if law existed), nobody would be able to die or be born, as Arkay bailed out - you see the point.
This requires a very different mythical structure, which answers the questions of: who'd be Lorkhan, who'd form the Enantiomorph, who'd be Magnus and bail out etc.
The "gifts" of the Daedra depend on the Eight Gifts of The Eight Givers.

Tl;DR, you could hardly consider such an Aurbis a TES Aurbis.

Decent anolysis here

Lorkhan would represent Mundus itself as his heart is the heart of the world. He would also represent the ability to transcend the limitations of mortality