You can actually do this now. It would be a text based game and you would have two boards active at the same time in separate windows (Dual monitors work the best) and you just copy and past back and forth then dm as needed. It would take a lot of effort on your part as a DM but you can do it with the way things are now. I've done that once in real life games and it was a headache. It took me and two others to manage it but it was one epic battle of good vs evil.