So what you mean is run through phase 1 in a VM, create (using Clonezilla) image of virtual disk (or partition?), then have a bootable USB drive that can restore this image (using CloneZilla) to physical harddrive?
Interesting indeed, provided you've got a system that can boot from USB at sufficient speed and got spare flash devices.
Still a harddisk setup like this would be pretty convenient:
\REACTOS
\ROSLIVE
\ROSSETUP
All that's then required is a bootloader which can start each of these options, but the trouble is all of above are hardcoded to \REACTOS unless making big changes ( I think the CLT ISO's had an undisclosed way of putting installation setup and LiveCD environment on same disk).