the prior art in this area is going to be PCI&USB passthrough implemented in qemu and xen, with related but separate in-guest or 'in-host' virtual devices representing the bridged device.
Some related work in the SR-IOV & iommu space makes this a lot easier to implement as well. I would be very surprised if zero new security edge cases get discovered in the next five years or so however. Regardless, I'd look forward to seeing the results of RedoxOS's work here, as this would be a practical alternate implementation of driver domains like you see used in Xen and Qubes.