At the moment I don't have a separate laptop for cold storage but in the meantime this is my setup.

-I disabled my wifi and adapters on my windows OS. I ran my laptop from a ubuntu 14.04 persistent live usb boot with disabled network connectivity via editing the startup applications. I already prepared a usb with a verified armory download file and inserted it into the laptop. I went down a dark rabbit hole trying to install armory on ubuntu while being disconnected from the internet. So I eventually admitted defeat and connected to the internet just once so that ubuntu could install Armory.

-I installed armory and generated a wallet. I printed out the passphrase with SecurePrint and copied the .wallet file and the watchonly.wallet file onto a usb.

-I ran my computer from windows and using Diskcryptor I encrypted the USB with AES-twofish-serpent. I installed armory and imported the watch only wallet.

So now I have an encrypted USB with my backup .wallet file. I have a 'cold storage' wallet that I run off the ubuntu persistent live boot.

I feel uneasy at just having my paper passphrase and backup usb's in my home in case there is a fire or something. Storing them elsewhere in a safety deposit box or elsewhere is not an option at the moment. Do you guys think that encrypting my .wallet file using aes encrypt/gpg4win (on top of the encryption that Armory does via the password) and storing this in google drive is safe?

Thank you for reading this.