My typical setup looks something like:
- Software raid over the block devices (either Level 1 or 5)
- One Physical Volume & Volume Group over Software raid
- One LV for
/ as grub nowadays can cope with LVM and raid without a problem. There is in my opinion no need for a dedicated boot partition
- Depending on your system either a extra LV for
So yes your scheme should work. If you have multiple disks you can also consider using dedicated disks for your virtual machines and use different ones for your operating system. It really depends on your hardware and your requirements.
As you are using
kvm make sure to use
virtio and disable caching for your block device.
In general you should identify your requirements, e.g. fast, reliable, secure (e.g. no user should be able to cause an disk space full for system daemons) etc. and design your system around it.