I used to do it. One server had the directories that threads need to write to exported and the other server mounted that file system using nfs. The database was on a third machine. I didn't have a problem. Now, the caveat to this is that this was a 6 series where there was no cache to worry about, but I don't see where 7 does anything that you could not do the same thing.
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What do you mean "You're the bomb, run away?"