In theory because OpenGL is a client / server system the implementation should deal with it, and hopefully cache to RAM and finally the HD according to normal Virtual Memory rules… But there will be a lot of wailing and gnashing of teeth I am sure!!
This is effectively what it does when anything is too big for the GPUs VRAM. It caches to client RAM. Whether this will break with display lists is anyones guess. You may get different mileage from driver to driver implementations. I would not advise it. Having never tried it, I have to say I don’t know for sure… It may just simply not work and break totally.
Also, what you are doing is not going to give good results, and completely defies what display lists are intended for. They are in fact for fast GPU based drawing instructions, not for scripting, which is what it sounds like you are kind of doing.
Also display lists are deprecated in GL3.0 so if this is a long term project then perhaps look at other things like streaming data to Buffer Objects from HD etc.