Not 100% certain of the practicalities, but if you can get the base system on the server I believe you can probably do what you want.
There are two ways to add modules and themes - one "upload package from my machine" and (if the server has permisisons to go out and request such things) you can install directly from sources such as the "gallery".
There is an UPGRADE module to manage DATA, but (a) it appears to only do upto 1.8 - no idea if this means its "old and busted" or that nothings changed in data in the last n releases... afaik there is not really any facility to upgrade without (backing
up the App_Data folder or at least the App_Data\Sites... and possibly "Media"...) deleting everything, dropping the new system, and then loading it up again and going through the upgrade migration (there is usually a doco with the releases...
no idea how cloud ready it is... they appear to be working on making it Azure ready... not sure how new/old this is or how good it is either...
I think the thing that might be the trickiest (knowing next to nothing about cloud) is probably the "local drive" storage (ie for thumbnails and media content storage... but maybe you can configure it to put it all in the DB? not sure...)
Finally as a kind of aside, I'm not sure how active this forum actually is in real terms, but I think the team is busy - they seem to be (a) changing the online doco system (b) changing the modules gallery (and themes? maybe) and (c) working on/towards a version
2.0... I don't know how fast/close any of these things are... I think 1.10.1 was only released recently so it may be a while away... I also don't know how active the community or modules and the ecosystem is...
(if you are super keen you could investigate the new/pending code here:
This may or may not be the info you were looking for... sorry