Plaque degradation has been shown by R. erythropolis. The bacteria were encapsulated in alginate-based articifial cells (inkjet bioprinted and atomized). This strain produces cholesterolase and the encapsulated bacteria were shown to degrade cholesterol in vitro (Link). No known in vivo system with this sort of an approach yet.
Drawbacks included the production of H2O2. Cholesterol is also not the only component of arterial plaques (though a major one); would it be enough just to degrade cholesterol?
Sensing system - how to localize the product (find the plaque and stay there) and target the plaque specifically
(sorry I'm such a wiki-failure =\ I'll learn this!)