That won't work. Be sure to read both the specification and the FAQ carefully, in particular:
The GL may be instructed to process a
particular display list (possibly
repeatedly) by providing a number that
uniquely specifies it. Doing so causes
the commands within the list to be
executed just as if they were given
normally. The only exception pertains
to commands that rely upon client
state. When such a command is
accumulated into the display list
(that is, when issued, not when
executed), the client state in effect
at that time applies to the command.
16.010 Why does a display list take up so much memory? An OpenGL display list
must make a copy of all data it
requires to recreate the call sequence
that created it.
In other words, if you plan to change the texture's data store later, it will make no difference, because OpenGL keeps its own copy to ensure that it can exactly reproduce whatever was the current state.
The only way to get some kind of variability into display lists is via the nested display trick, but as Matias Valdenegro already suggested, you should not use display lists at all if you can help it. Other functionality (e.g. VBO) is more flexible and has the same or better performance.