Yes, of course KOS can read/write to VMU. However, let's think about what you're asking for here...
If you want openMenu to treat an individual virtual VMU stored on a serial SD card as if it were a native VMU, it would need to hook into the BIOS in such a way that all calls to the VMU from any game software are intercepted and "re-routed" to serial SD. This is what I described as "not trivial" (though it would appear that DreamShell has this feature as per the video I linked in my previous post).
Perhaps you're thinking of it a different way, though...
1) Virtual VMU file is stored on the serial SD card using a filename that corresponds to a game disc folder (or game disc ID/name).
2) When that game is launched from the menu, its corresponding virtual VMU file is read from the serial SD card and then written to your VMU.
Now I have a question for you: as you play the game and your save file is updated with new progress, how do you envision the contents of the real VMU being written
back to the serial SD card's virtual VMU? Without that BIOS hook-in method, this would require the user to return to openMenu and then initiate a process where the contents of the VMU are dumped back to the serial SD card.
Now, I'm not saying this is an absolutely horrible user experience. However, it would require users to undergo an extra step to prevent data loss.