It has been suggested to me to grow my wisteria outdoors in the ground to allow it to grow a thick trunk. Is it possible, albeit longer, to pot it now as a bonsai and let the trunk develop over time? Would it be preferred in some situations? Would it produce a quality bonsai when time is not at a premium? I've never done either so any feedback would be welcome.

You could. Do keep in mind that getting from a one inch to a two inch wisteria in a bonsai pot may take you a large part of your life.

If for some reason you cannot plant it in the harden, my sughestion would be a very lamge pot. Not a bonsai pot. The aim of a bonsai pot is for a large part to reduce growth..