I have a tool I wrote to do this with properties and items. See:
https://github.com/stuppie/wikibase-tools
It creates the properties or items in your local wikibase with the same
label, description, and aliases as it exists in Wikidata (but of course,
with different Q/P ID). It then adds a "equivalent property" or
"equivalent
class" statement to the newly created item with a URI back to the Wikidata
item/property. This allows sparql query federation for use of these items
in your wikibase with the associated Wikidata statements (available through
federation).
I've tested it locally and hosted on AWS and the data federation works
fine. LMK if this is what you had in mind..
-Greg