Such a design may require at least one processor dedicated to running the kernel at all times, so it might not work on a single processor architecture. However, single processor architectures might be supportable by having the "kernel process" go to sleep by arming a timer and the timer interrupt is the only one that's specially mapped so it can modify the page table to resume the kernel (for handling all the ring buffers + scheduling). As you note, there's some reserved address space but it's a trivial amount just to be able to resume running the kernel. I don't think it has anything to do with monolithic vs microkernels.