A correction/clarification on my part from yesterday: while that tutorial looks good, all the tedious things listed there are only needed if you are using a consumer card, which you are not. No need for you to patching the drivers, installing rust and all that. All you should need to do is set up IOMMU and download the correct drivers, see the docs and PCI/(e) wiki from my post above.
Regarding switching: You should be able to just run the Nvidia SR-IOV (see our docs) script to disable all the vGPU functions, then you should be able to pass through the whole card. If that does not work you can just blacklist the Nvidia drivers (see the PCI/(e) wiki pages), and reboot with the nouveau drivers. Then just pass through the card to the desired vm (You would also need to do this instead of the SR-IOV stuff if you want to use the GPU on your host device, I.E. if you have Gnome/KDE/whatever installed on your on your host and use it as a workstation or something).
All in all, as you said, just trying different configurations out and seeing what works for you sounds like a good idea. If I were you I would also read through the PCIe section in the docs and the PCI/(e) sections in our wiki carefully before installing stuff, just to get an idea what can be done and how it should be done.
Also, just a thought: it might be cheaper for you to get an additional cheap, secondhand GPU (have a look at some benchmarks [1] for reference) for streaming instead of paying for Nvidia drivers.
[1]:
https://gpu.userbenchmark.com/