You would need to have just the one theme file to do that.
If you design the theme file properly and you do have common elements between the home page and the other site page templates this should be quite possible.
I guess the design is key here... the following site uses one theme file but has a very different home page using rules similar to your css:if-content="body.section-front-page" to determine not to show the left and right columns for example.