VT-d is used for device passthrough. I suspect you're thinking of VT-x. But LPAR have been around forever, and aren't that different conceptually from jails, systemd-nspawn, LXC, and any other of a large number of OS-level virtualization solutions, except that you can stub in/out different kernels.
Yes, the kernels need to be "snowflakes", but that's not necessarily an issue if this is functionality you really need.