Disclaimer: vGPU is one of the projects that I was working on...
If you want to access GPU through CUDA or OpenCL APIs, I suggest you to take a look at http://www.zillians.com/vgpu
By simply implementing SR-IOV on GPU is not going to work not only because of the lack of support in hardware but also the feasibility of using virtualized GPU resources under hypervisor. Simple question: how many GPUs can you fit into your chassis? and share them for each VM instance, which will much degrade the performance and have huge bandwidth requirements on the PCI-E switch...does that make any sense?
That's why Amazon EC2 only provides dedicated GPU instances and also the reason we choose to implement VGPU to make GPU a shared and scalable computing unit.