A fun thing is that it is possible with the Qubes architecture, since VMs can be saved to a file and resumed at will (although qubes-rpc may not support it properly). Xen also has some other useful features like live transfer.
Note: I have not actually tested any of this due to lack of time, but is seems quite possible, although some software modifications may be needed.
I have found my YubiKey quite nice for password sercurity, but I use it in a slightly different way.
I use password-store, which is a git repository of GPG encrypted passwords. While I'm on my main laptop, which has Qubes, I can access passwords using a key stored in my keys vault using Qubes split GPG. Encrypted passwords are synced through SSH to my serwer. On my other computers, I can decrypt passwords with my YubiKey as a gpg smart card. This is probably way overcomplicated, but it works.
Note: I have not actually tested any of this due to lack of time, but is seems quite possible, although some software modifications may be needed.