Set a common
WP_CLI_PACKAGES_DIR environment variable, or create a Composer project in a shared directory.
Environment variables can be set on demand, or for every session.
You can connect your local WordPress install to the live site’s database, but be very careful.
wp binary isn’t already on your
$PATH, you’ll need to define it on the fly.
When using wp site empty, make sure you reset any custom tables storing content too.