Show fields based on taxonomy selection in editor

Question

I use GD CPT plugin for custom taxonomies and post types.

I wonder if it is possible at all to change the fields user sees in the editor, based on something else (lets say a taxonomy).

Example:

I choose from a Taxonomy->A then I see 2 fields (from GD CPT). If I choose Taxonomy->B later, I want the two fields go and see some other 3 fields.

(I can allow only one item from a taxonomy to be selected selected using Ultimate Taxonomy Manager)

And all this in the post editor. Is this even possible?