I'm late to the party, but here's my take:
Pure qubit states
As you said, the space of pure states of a single qubit can be described as a complex projective line $\mathbb{C}P^1$, which is homeomorphic to a Bloch sphere.
Similarly, the space of pure states of $N$ qubits can be described as the cartesian product of $N$ complex projective lines. Infact, every pure state of $N$ qubits can be described as $N$ pure states $(\psi_1,...,\psi_N)$.
In projective geometry, we can describe this cartesian product with a Segre embedding
Mixed states of two qubits
Considering the case of just two qubits, the Segre embedding is the map:
$$\sigma: \mathbb{C}P^1\times\mathbb{C}P^1\to\mathbb{C}P^3$$
$$\sigma: ((x_0:x_1), (y_0:y_1))\mapsto(x_0y_0:x_0y_1:x_1y_0:x_1y_1)$$
$$\Sigma := Im(\sigma)$$
where the Segre variety $\Sigma$ is a quadratic surface.
Note: I'm talking about a two-dimensional surface in a three-dimensional space, but you must understand: this is a two-dimensional complex surface in a three-dimensional complex space, which means that in "real" terms it would be a four-dimensional manifold embedded into a six-dimensional space. The Bloch Sphere, instead, is a one-dimensional complex manifold, and that's why we can describe it as a two-dimensional real manifold.
Given this premise, the following statements hold:
- Every point $P\in\Sigma$ represents a pure state, by definition
- Two pure states $P_1, P_2$ generate a line $l$. Every element $Q\in l, Q\neq P_1, P_2$ is a complex linear combination of $P_1, P_2$, i.e. it is a mixed state of pure states $P_1, P_2$.
- If $Q$ is a mixed state, any line $l$ passing from $Q$ intersects $\Sigma$ in two points $P_1, P_2$, i.e. $Q$ is a mixed state of pure states $P_1, P_2$
- As a corollary, every point $Q\notin\Sigma$ represents a mixed state
In other words, the space of mixed states is exactly $\mathbb{C}P^3$, i.e. the codomain of our Segre embedding.
Mixed states of $N$ qubits
In the case of $N$ qubits we would have:
$$\sigma: (\mathbb{C}P^1)^N \to \mathbb{C}P^{2^N-1}$$
In this case, the Segre variety $\Sigma$ is an $N$-dimensional variety of degree $N$ inside a $2^N-1$-dimensional projective space. When $N$ is big, this is a very very small variety.
We can modify the list of statements above in the following way:
- Every point $P\in\Sigma$ represents a pure state, by definition
- Two pure states $P_1, P_2$ generate a line $l$. Every element $Q\in l, Q\notin \Sigma$ is a complex linear combination of $P_1, P_2$, i.e. it is a mixed state of pure states $P_1, P_2$.
- In general, $M$ pure states $P_1, ..., P_M$ generate an $M$-dimensional plane $\pi$. Every element $Q\in\pi, Q\notin\Sigma$ is a mixed state of pure states $P_1, ..., P_M$
- If $Q$ is a mixed state, any hyperplane $\pi$ passing from $Q$ intersects $\Sigma$ in at least $2^N-2$ points $P_1, ..., P_{2^N-2}$, i.e. $Q$ is a mixed state of pure states $P_1, ..., P_{2^N-2}$
- As a corollary, every point $Q\notin\Sigma$ represents a mixed state
As an addendum, I would like to note that, in this case where we have more than two qubits, not every mixed state $Q\notin\Sigma$ can be written as the mix of two pure states. In fact, with probability $1$, a mixed state $Q$ must be written as the mix of no less than $2^N-N$ pure states.
To answer your question
The set of all states (mixed and pure) of $N$ qubits can be described as the complex projective $2^N-1$ dimensional space $\mathbb{C}P^{2^N-1}$. This can be constructed, similar to what you said, by quotient as Lie Group $(\mathbb{C}^\times)$ action on $\mathbb{C}^{2^N}\backslash\{0\}$.
The set of all pure states, in this visualization, corresponds to the Segre variety $\Sigma\subset\mathbb{C}P^{2^N-1}$, which can itself be seen as the cartesian product of $N$ Bloch spheres.
If you need proofs, I can put something together.