If I wanted to split the seed in two parts would this procedure make sense for split cold storage:
* Generate two normal seeds by starting Electrum without datadir (part1 and part2)
* concatenate the two parts with a single space in between
* use concatenated parts as input to "restore from seeds"
* put one part to a safe place (bank locker); keep the other one safe, too
* restore from concatenated parts whenever necessary
* Generate two normal seeds by starting Electrum without datadir (part1 and part2)
* concatenate the two parts with a single space in between
* use concatenated parts as input to "restore from seeds"
* put one part to a safe place (bank locker); keep the other one safe, too
* restore from concatenated parts whenever necessary
You can generate a new wallet using the -w switch. No need to move/rename the data dir. Run electrum --help for more details.
As far as splitting the seed goes you can also use shamir's secret sharing algo to create arbitrary n of m splits. Google shamir's secret sharing for more info. There's a ready made program out there called ssss
