What does normalization say about storing data from objects that use a decorator pattern?
Normalization says nothing about the Decorator Pattern, as normalization is much older.

Check out Table Inheritance though, which I think is more along the lines of what you're talking about. 

http://www.martinfowler.com/eaaCatalog/singleTableInheritance.html

http://martinfowler.com/eaaCatalog/classTableInheritance.html