Yes, this would make tracking conversations much, much easier.

Howo has replied to [a comment] on [this post] that you commented on/subscribed to.
or,
Howo has replied to [artgirl's comment] on [your post].
or,
Howo has replied to [artgirl's comment] on [a comment] on [your post]/[your comment].

Does seem to be a lot to track, but I think the conversational payoff is immense.

Of course the notifications should be opt in to not get overwhelmed by the really popular topics.
Maybe a choice to mute individuals in the notification to preclude the noise.
A simple check box, yes/no to continue receiving notifications from this account.