While it might be possible to find a new hybrid through experimenting the chances of doing it are very small. Not all pet combinations have hybrids(most of them probably don't), and it would take a long time to try every possible combination looking for a new hybrid.
That said here is a quote from Decius that might help you "Chips and Queso or Chips and Salsa
Who's going to get the clue and the morph first I wonder?".
After this clue was posted this hybrid was found: "Armadillo Verde + Coconut Crawlie = Salsadillo"
But then Decius responded you found part of it. That means there likely is another hybrid relating to the Salsadillo that hasn't been found.
If it makes you feel in better Decius seems to have a new hybrid in the works "Clear clue? I don't think thats how these work. Let me work on a few things first and I will get back to you soon."
Most of the time, I'm just winging it. I've decided to collect the known hybrids rather than try to figure out a new combination. Some of the knowns are hybrids of other knowns, so I've got to get those first, etc.