P2V is viable but seems to time-consuming. Instead of backing up daily, you may need to create a VHD daily if there are changes made to Server A daily. When Server A goes down, VHD can be used on Server B's virtual machine.
Clustered servers might solve your issue but I'm not sure about whether clustering Server A with virtual machine on Server B would be successful. If failover cluster is configured, virtual machine on Server B will automatically takes over Server A's load when Server A is down.
Failover Clustering Overview
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