user3794: When talking about HD (BIP-32?) wallets, I hear talk of Multi Sig and Key Derivation / Chains. Is it possible to mix these two concepts?
e.g. I want to store the majority of my coins with a 2 of 3 multi sig wallet, but would like to store a small subset of coins in a child key derived from the 2 of 3 wallet such that if I the child key was compromised, I could use the parent 2 of 3 wallet to spend those funds.
Is this possible or am I speaking gibberish?

user9382: Yes, it's called HDM (Hierarchical-Deterministic-Multisig).
There's no standard, per se, and the main proponent (to the best of my knowledge) is/has been Vitalik Buterin, of Ethereum/Bitcoin Magazine fame. 
There's code in the Python pybitcointools library which allows one to implement this on a low level. The functions are called:

bip32_hdm_script and
bip32_hdm_addr

The format is: bip32_hdm_script([xprv1, xprv2, xprv3...], (0, 1..)), where the xprvs are as a list, and the integers proceeding it represent path derivation (NOTE: the ints must be a tuple). So, 0,1 means k/0/1. Use 1+2**31 for 1H. This function returns the multi-sig redeem script, so you'll pipe it into bip32_hdm_addr (which simply returns the p2sh addresses)
Of course you'll also use the script to sign transactions. There's a useful fork of pybitcointools available with added functionality and regular updates, which could be more useful in this endeavor (vs the sporadically updated source library). 

A similar question - Clarification of BIP32 hierarchical deterministic multisig scripts - was recently asked and answered by me too

3794: <p>When talking about HD (BIP-32?) wallets, I hear talk of Multi Sig and Key Derivation / Chains. Is it possible to mix these two concepts?</p>

<p>e.g. I want to store the majority of my coins with a 2 of 3 multi sig wallet, but would like to store a small subset of coins in a child key derived from the 2 of 3 wallet such that if I the child key was compromised, I could use the parent 2 of 3 wallet to spend those funds.</p>

<p>Is this possible or am I speaking gibberish?</p>
 9382: <p>Yes, it's called HDM (Hierarchical-Deterministic-Multisig).</p>

<p>There's no standard, per se, and the main proponent (to the best of my knowledge) is/has been Vitalik Buterin, of Ethereum/Bitcoin Magazine fame. </p>

<p>There's code in the Python <em><a href="https://github.com/vbuterin/pybitcointools" rel="nofollow noreferrer">pybitcointools</a></em> library which allows one to implement this on a low level. The functions are called:</p>

<ol>
<li><code>bip32_hdm_script</code> and</li>
<li><code>bip32_hdm_addr</code></li>
</ol>

<p>The format is: <code>bip32_hdm_script([xprv1, xprv2, xprv3...], (0, 1..))</code>, where the xprvs are as a list, and the integers proceeding it represent path derivation (<strong>NOTE: the ints must be a tuple</strong>). So, <code>0,1</code> means <code>k/0/1</code>. Use <code>1+2**31</code> for <code>1H</code>. <strong>This function returns the multi-sig redeem script</strong>, so you'll pipe it into <code>bip32_hdm_addr</code> (which simply returns the p2sh addresses)</p>

<p>Of course you'll also use the script to sign transactions. There's a <a href="https://github.com/simcity4242/pybitcointools" rel="nofollow noreferrer">useful fork of pybitcointools available</a> with added functionality and regular updates, which could be more useful in this endeavor (vs the sporadically updated source library). </p>

<hr>

<p>A similar question - <strong><em>Clarification of BIP32 hierarchical deterministic multisig scripts</em></strong> - was recently <a href="https://bitcoin.stackexchange.com/q/36919/9382">asked</a> and <a href="https://bitcoin.stackexchange.com/a/37087/9382">answered</a> by me too</p>
