Hi Yash,
At the moment, the answer to your question is no. Inventor part and assembly can only have a unique geometric shape at a time. It does not yet have the ability to support variable shape, flexible part, or model states. For different shapes, you do need different parts or assemblies. We are working on a project called Alternative Representation which will enable such ability. If you want to learn more, please sign up Inventor Beta (https://bit.ly/InventorBeta).
Many thanks!
Johnson Shiue (johnson.shiue@autodesk.com)
Software Test Engineer