After a couple decades of this, I generally think this class of software is a mistake. Any time you misrepresent one class of storage as another it inevitably leads to very complex software which is still pretty fragile and confuses its users on a regular basis, and the cost savings never deliver to the hoped-for degree.
> what happens when someone runs find on that volume?
It stalls until all the directories are restored? And hopefully pushes those directories to the front of the to-be-restored-from-backup queue, but even without that it's still better than not being able to run any operations on that volume.
What you’re trying to do is akin to saying you can write an interface layer to make a railroad look like Uber: at some point the fundamental differences between the architectures are too much to paper over. The situation has improved now that the major operating systems have offline file support so you can make it more obvious that some files are not instantly available but you still need all of your client software to handle that gracefully.