This is what I was trying to do, but offsetting the main body bone and rotating it worked better than translation would have anyways:
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I don't have any animations currently that I want to separate x and y, but while I think adding an x-only bone and y-only bone would definitely work, I also feel like I would be adding those bones for no reason other than to control the path from A to B.
A simple idea would be to make something like a bouncing ball. Put a translation key at every bounce and peak, X would be rather constant, and controlling Y would allow you to give the bounce some curve, vs having to add a bunch of keys to round it out.