There don't seem to be many write-ups on this concept. The best reference seems to be existing implementations:
Wasmer's implementation of metering[0] just traps when it runs out of fuel. WasmEdge's implementation of interruptibility[1] checks a flag and stops execution if it's set.
While neither of these support resuming execution after the deadline, replacing the halt with a call to a signal dispatcher should work.
Wasmtime has two different implementations of interrupting execution that both support resuming[2]. The fuel mechanism[3] is deterministic but the epoch mechanism[4] is more performant. If you're free to pick your runtime, I'm sure you could configure Wasmtime into doing what you want.
The idea of running code up to some resource limit and then aborting it is documented in the Lisp 1.5 manual from 1962, P. 34:
6.4 The Cons Counter and Errorset
The cons counter is a useful device for breaking out of program loops. it automatically causes a trap when a certain number of conses have been performed. The counter is turned on by executing count [n], where n is an integer. If n conses are performed before the counter is turned off, a trap will occur and an error diagnostic will be given.
