This would be a bad idea, not only does it have no advantage in terms of the space used, it also has a bad influence on query performance and the comprehensibility of your data model.
Disk Space
In terms of storage usage, it makes no real difference whether the data is stored in a single varchar(n) or char(n) column or in multiple tinynt, char(1)or bit(1) columns. Only when using varchar you would need 1 to 2 bytes more disk space per entry.
For more information about the storage requirements of the different data types, see the MySql documentation.
Query Performance
If boolean values were stored in a VarChar, the search for all entries where a specific value is True would take much longer, since string operations would be necessary to find the correct entries. Even when searching for a combination of Boolean values such as "TFTFTFTFTT", the query would still take longer than if the boolean values were stored in individual columns. Furthermore you can assign indexes to single columns like isFoo or isBar, which has a great positive effect on query performance.
Data Model
A data model should be as comprehensible as possible and if possible independent of any kind of implementation considerations.