I got stuck when I tried to transfer funds, because the online view only wallet can't create multisig transaction and the offline signer wallet needs a daemon.
Is this even possible right now?
There is no code for doing cold multisig. There is not really much point since you can have one of your multisig wallets on an offline machine already, so adding a cold/hot system would not really add much I think.
If a multisig wallet on an offline machine cannot sign without a dameon, that should be fixed as I don't think it's inherently needed.