The only real hurdle hardware wise is your IOMMU groups and your CPU compatibility, if you have a moderately modern system it should be a problem.
I also have a couple of inexpensive PCIe USB cards that I pass through to the guests for direct USB access, highly recommended.
The guides will use qcow2 images or pass through a block device, as I mentioned I have a giant LVM pool, I just create lvs for each vm and pass the volume through to the vm as a disk , and let the vm handle it. In the host you can use kpartx to bind and mount the partitions if you ever need to open them up.
[1] https://wiki.archlinux.org/index.php/PCI_passthrough_via_OVM...