A good idea. ;-) Let's look at it. You have, for example, boundary conditions
$$X^1(\sigma+\pi)=X^1(\sigma), \quad X^{\prime 2}(\sigma=0)=X^{\prime 2}(\sigma=\pi)=0$$
The boundary terms in the variation of the action cancel separately for the different coordinates.
You see that it's not quite periodic, so the string still has preferred points,
$$\sigma=0, \quad \sigma=\pi$$
We may still call them the "end points" of the hybrid string. So the coordinate $X^2$ behaves like for an open string. But $X^1$ has to be periodic.
When you quantize the string, you get left-movers and right-movers for $X^1$, but only one set of standing waves for $X^2$ etc. So this will also produce some bizarre zero-point energy. But I think that at the level of the free strings, the theory could be well-defined.
However, I think you won't be able to define any consistent interactions although I don't have a strict proof. Your hybrid string is neither open nor periodic. So the world sheet has boundaries that are "partly identified" with other points of the boundary. It's like a closed world sheet with a preferred line drawn on it.
When you try to define the interacting theory, you have to decide whether the number of these "bizarre lines" on the world sheet - or bizarre, partly identified pairs of end-points, is conserved or not. If it is conserved, you couldn't pair-create such hybrid strings, so they wouldn't be too interesting.
I think that a sensible theory would have to allow these strange pairs of end-points to be created and destroyed. But if it were so, then the world sheet would include singular points - the points in which the cut disappears and your hybrid string transmutes into a normal closed string (or vice versa). My guess is that this process would create a singular points on the world sheet that could return all the ultraviolet divergences.
Also, I am not sure whether you could preserve the conformal symmetry. In particular, I don't understand how the state-operator correspondence would work. Closed string states are dual to operators in the bulk of the world sheet; open string states are equivalent to operators on the boundary of the world sheet. But what about your hybrid strings? Maybe, they are dual to the operators at the points where the cut ends. ;-) This could return some unacceptable UV problems to the world sheet, or not. I am not sure.
You should try to think about it. If you could find such a new bizarre object that may actually exist in string theory, you could become as important as Joe Polchinski who found D-branes. It's unlikely but you should try. ;-)