Binding ConverterParameter

The ConverterParameter property can not be bound because it is not a dependency property.

Since Binding is not derived from DependencyObject none of its properties can be dependency properties. As a consequence, a Binding can never be the target object of another Binding.

There is however an alternative solution. You could use a MultiBinding with a multi-value converter instead of a normal Binding:

<Style TargetType="FrameworkElement">
    <Setter Property="Visibility">
        <Setter.Value>
            <MultiBinding Converter="{StaticResource AccessLevelToVisibilityConverter}">
                <Binding Path="Tag" RelativeSource="{RelativeSource Mode=FindAncestor,
                                                     AncestorType=UserControl}"/>
                <Binding Path="Tag" RelativeSource="{RelativeSource Mode=Self}"/>
            </MultiBinding>
        </Setter.Value>
    </Setter>
</Style>

The multi-value converter gets an array of source values as input:

public class AccessLevelToVisibilityConverter : IMultiValueConverter
{
    public object Convert(
        object[] values, Type targetType, object parameter, CultureInfo culture)
    {
        return values.All(v => (v is bool && (bool)v))
            ? Visibility.Visible
            : Visibility.Hidden;
    }

    public object[] ConvertBack(
        object value, Type[] targetTypes, object parameter, CultureInfo culture)
    {
        throw new NotSupportedException();
    }
}

No, unfortunately this will not be possible because ConverterParameter is not a DependencyProperty so you won't be able to use bindings

But perhaps you could cheat and use a MultiBinding with IMultiValueConverter to pass in the 2 Tag properties.