I just read Terence Tao's blog post about mathematical formulations of physical units (also referenced in this SE post). Toward the end, he introduces three one-dimensional real vector spaces $V^M$, $V^L$, and $V^T$, whose elements represent units of mass, length, and time, respectively. Other physical quantities are then represented as tensor products of these three spaces and their duals. E.g., velocities are elements of the space $V^{L^1T^{-1}} = V^L \otimes (V^T)^*$. Under this scheme, a "choice of physical units" amounts to choosing a basis (i.e., a distinguished element) for each of $V^M$, $V^L$, and $V^T$.
This approach successfully describes the space of physical quantities without reference to a distinguished choice of base unit sizes (e.g., meter vs. yard for length). But one downside is that it still seems to single out a distinguished choice of physical quantities as base units, namely mass, length, and time. One might argue that such a choice is undesirable, especially since different systems of units single out different fundamental base units. (For example, one could regard "natural units" used in particle physics as taking energy, action, and velocity to be fundamental.$^*$)
Now, given the set $\mathcal S$ of tensor powers of $V^{L,M,T}$ and their duals, one could also consider (e.g.) the three spaces $W^E = V^{ML^2T^{-2}}$, $W^A = V^{ML^2T^{-1}}$, and $W^V = V^{LT^{-1}}$ (these spaces correspond to energy, action, and velocity), and then express $\mathcal S$ as instead being isomorphic to the set of tensor powers of $W^{E,A,V}$ and their duals. So it seems that this framework still offers the possibility of describing $\mathcal S$ as some sort of "graded set of vector spaces on three generators," without reference to which particular generators. How can this idea be made precise?
$^*$Physicists think of these units as "setting $\hbar = c=1$," but this can also be thought of as expressing quantities in base units of MeV (for energy), $\hbar$ (for action), and $c$ (for velocity), and then suppressing the powers of $\hbar$ and $c$ for convenience.