Create VM - pass thru local mouse/kb/monitor to it?

So I'm running UR on a 2012ish Dell PC - and so far performance is fine for what I'm currently using it for.   But my main stand alone Ubuntu workstation is a much newer machine with lots more memory/CPU resources.    I think the process to move UR to this newer workstation is straight forward enough  - but is it possible to create a Ubuntu VM - pass the local USB (keyboard/mouse) and HDMI to it - so that when I turn on my monitor I see a Ubuntu logon screen - and I essentially replicate my stand alone experience.   Now that complicates matters a lot -  managing UR from one of its VM is one - I would like to have the VM have its own IP address on the local network.  No NAT or PAT.  Also if there  are issues I need a stand alone computer available.   I worked for this one manager that left me a bit of IT wisdom that I try not to forget - just because something is possible does not mean you should do it.   Looking for comments from folks can I do this - and should I do this?  Thanks!