We are working on a SSD-backed key-value solution with the following properties:
This is kind-of a harebrained idea but it MIGHT work. Let's assume that your SSD is 128GB.
Will the kernel be able to page stuff in and out fast enough? No way to know. That depends more on your hardware than the kernel.
Poul-Henning Kamp does something very similar to this in Varnish by making the kernel keep track of things (virtual vs physical memory) for Varnish rather than making Varnish do it. https://www.varnish-cache.org/trac/wiki/ArchitectNotes