If the intent is real time collaboration have you looked at the OneDrive integration available with OneNote? That is cloud based but would serve that purpose well. Or you could share the Notebook on a traditional network drive. I've used OneNote on a shared network drive at two different employers now, it works great for small teams.
You could periodically backup archives of the notebook to the PDM vault to keep records of them but other than that I don't think it would be too feasible.
The whole philosophy of OneNote is that it is constantly saving so I would think it needs write access pretty much continuously to the .one (Notebook) file. This puts it at odds with the controlled access environment of PDM.
Curious what others have to say though... I'm a huge fan of OneNote
Typically I'd save the Onenote in the project folder with all the other design info which is on the PDM. So it makes sense that it is also on the PDM.
At the moment we are doing nothing for keep notes and when things are being handed from one person to another things tend to get forgotten or lost. One note is good for that kind of thing.