Other than it should be faster actually not .......
One could send out memory-pages per serial cable to another computer, would still make no differnce (expect for speed).
No!
To page memory from disk requires that the OS be running and in a state that allows you to do disk I/O. To page from bank switched RAM, you don't need the OS at all. This is why you don't have the same problems as with paging from disk.