Hi Siva
You are correct in that quotes are not bi-directional. What is the business scenario that requires both OP and Cloud to be working on the same quote? With 1405 we do have external pricing -which means from the Cloud you can get the CRM pricing with all discounts, change it, and then create the order with the quote pricing. Would this resolve the requirement for bi-directional quotes?
You could build this, but it would be significant effort - assuming CRM OP has an inbound interfaces for quotes -but I'm not sure about that - you'd have to check.
Regards
Ginger