I actually just published a paper about something like this, which I implemented in both libriscv and TinyKVM called "Inter-Process Remote Execution (IPRE): Low-latency IPC/RPC using merged address spaces".

Here is the abstract: This paper introduces Inter-Process Remote Execution (IPRE), whose primary function is enabling gated persistence for per-request isolation architectures with microsecond-latency access to persistent services. IPRE eliminates scheduler dependency for descheduled processes by allowing a virtual machine to directly and safely call, execute functions in a remote virtual machines address space. Unlike prior approaches requiring hardware modifications (dIPC) or kernel changes (XPC), IPRE works with standard virtualization primitives, making it immediately deployable on commodity systems. We present two implementations: libriscv (12-14ns overhead, emulated execution) and TinyKVM (2-4us overhead, native execution). Both eliminate data serialization through address-space merging. Under realistic scheduler contention from schbench workloads (50-100% CPU utilization), IPRE maintains stable tail latency (p99<5us), while a state-of-the-art lock-free IPC framework shows 1,463× p99 degradation (4.1us to 6ms) when all CPU cores are saturated. IPRE thus enables architectural patterns (per-request isolation, fine-grained microservices) that incur millisecond-scale tail latency in busy multi-tenant systems using traditional IPC.

Bottom line: If you're doing synchronous calls to a remote party, IPRE wouldn't require any scheduler mediation. The same applies to your repo. Passing allocator-less structures to the remote is probably a landmine waiting to happen. If you structure both parties to use custom allocators, at least for the remote calls, you can track and even steal allocations (using a shared memory area). With IPRE there is extra risk of stale pointers because the remote part is removed from the callers memory after it completes. The paper will explain all the details, but for example since we control the VMM we can close the remote session if anything bad happens. (This paper is not out yet, but it should be very soon)

The best part about this kind of architecture, which you immediately mention, is the ability to completely avoid serialization. Passing a complex struct by reference and being able to use the data as-is is a big benefit. It breaks down when you try to do this with something like Deno, unfortunately. But you could do Deno <-> C++, for example.

For libriscv the implementation is simpler: Just loan remote-looking pages temporarily so that read/write/execute works, and then let exception-handling handle abnormal disconnection. With libriscv it's also possible for the host to take over the guests global heap allocator, which makes it possible to free something that was remotely allocated. You can divide the address space into the number of possible callers, and one or more remotes, then if you give the remote a std::string larger than SSO, the address will reveal the source and the source tracks its own allocations, so we know if something didn't go right. Note that this is only an interest for me, as even though (for example) libriscv is used in large codebases, the remote RPC feature is not used at all, and hasn't been attemped. It's a Cool Idea that kinda works out, but not ready for something high stakes.

Looks like you forgot the URL. Interested.