I have been pondering kinda something like this for awhile, but in the reports plugin, instead of threshold. While this is a nice idea, the actual implementation is a little tricky and I will have to get it some more thought.
One thing you can do in the mean time is a seperate graph / datasource for the 95th percentile. Create a script that pulls the 95% percentile for the last month for a given datasource, and store that info in its own datasource. Then you could actually threshold off of that number. I'm not really the best at explaining it, but its basically what they were talking about here.
http://forums.cacti.net/viewtopic.php?t=10904