My ultimate goal
Have a Linux laptop running a Windows virtual machine that uses the full potential of an external graphics card. The Linux machine would run normally on the laptop screen and the virtual machine would use the external graphics card to output directly onto an external monitor or TV, just like you would with a PCIe pass through on VT-d capable hardware.
Question and followups
Can you do this with an external GPU? Do you need VT-d capable CPU and Motherboard just like the PCIe pass through? Would it be the fully potential of the card or would the pass through eat up some potential?