Well, dropbox allows you to access all of your data with only a password, so the PGP pair would have to be a function of the password. I'm not sure I follow about storing the password locally. One additional thing that you'd need to do that I didn't mention is keep the file encryption key PGP encrypted on the server. That way, if you know the password, you can authorize access to the file to someone else without having to transfer the file back to whatever machine you're on.
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Well, dropbox allows you to access all of your data with only a password, so the PGP pair would have to be a function of the password. I'm not sure I follow about storing the password locally. One additional thing that you'd need to do that I didn't mention is keep the file encryption key PGP encrypted on the server. That way, if you know the password, you can authorize access to the file to someone else without having to transfer the file back to whatever machine you're on.