well, i tested more intensively the dual boot OS
I have the guest Android TV OS installed on a normal old usb Hard Drive
I played 4 levels of Asphalt 8 with DroidMote on Wifi N while i listen music on Google Music.
Everything is very smooth and fast, no one interruption.
After the first start, the guest OS on external USB drive is very stable.
Wifi N on Android TV works, instead Android TV completely break the Wifi AC 5Ghz ( cause Nvidia controller implementation ) that is in general better and faster on every devices included Shield TV with full Android inside.
P.S.
I have too much disk space now on my Shield TV that originally have only 16GB
But more important, without the hassle of expanded storage, portable storage and fucking storage....
Naturally you can have Android TV on usb, but also full Android. Every disk can be an independent OS with many disk space.
You can create an OS for movies, an OS for music an OS with the stuff of your second wife

and so on.
To transform a sparse system and vendor image to raw ext4 you can use also on Windows simg2img.exe
https://github.com/KinglyWayne/simg2img_win , in case you don't like use Linux.
In case you want use the system and vendor image of full Android on external usb disk.