I have done something like this using a view in a database where the base table is joined to the lookup table via a view. From the lookup table, the MI_STYLE column is taken which holds the style to apply for the indvidual objects.
When MapInfo Pro is rendering the objects, it will apply the styling from the MI_STYLE column to the objects. If you update or add new styling information to the loopup table, these will be applied when you refresh your DBMS table in MapInfo Pro.
One downside of this solution is that you can edit the spatial objects as the "object", here the feature and the styling, is stored in two separtate tables in the database.