I was wondering why the focus on copying memory between the processes. It should be possible to make capabilities which represent a pointer and a length (and maybe an access mode), which could be used to give a process direct access to shared memory safely. I don't know if that could be done with low enough overhead for small objects, it's possible that there would need to be a threshold below which you would just copy values to be efficient, but it seems like exploring fat pointer capabilities would be worthwhile.
Memory mapping files or inter-process shared memory is the very coarse-grained version of this, using hardware protection. I feel like it should be possible to do something more efficient and finer grained with pointer capabilities and the static type checking that is done to verify WASM during compilation, but it may be a significant research project of its own.