Thank you for your insights, Josh, you've given me some points to consider.
It would seem that for my intended purpose (restoration of entire VMs) LVM snapshots are better suited. What I'm wondering is whether an in-VM setup would also work for restoring virtual machines. The scenario I envision is as follows: I'm going to do full backups of VMs (including all possible configuration files, but excluding /dev, /proc, /mnt, /run, /sys). This way, if a VM fails entirely and is unrecoverable otherwise, I can create a new instance from scratch, then install bacula-fd on it, apply the original config and restore the last full backup. This procedure should effectively give me a clone of the original VM (not a clone in strict sense, obviously). I have tried that on a test machine and it worked OK but, inexperienced as I am with Bacula, I might be missing some quirks here.
Does it seem like a reasonable plan or am I going to paint myself into a corner with this one?