You cannot use WM's IP address directly because D365FO OneBox environments (I guess this is what you mean with local WM) uses HTTPS and request address has to be the same as the one in the certificate.
But you can add a line to windows's hosts.txt file and redirect D365's "usnconeboxax1aos.cloud.onebox.dynamics.com" address to the IP of your WM.
Then from that computer, you can call any D365FO web service of that One Box WM.
Sample "hosts.txt" file with a WM address of 190.1.1.1
# Copyright (c) 1993-2009 Microsoft Corp.
#
# This is a sample HOSTS file used by Microsoft TCP/IP for Windows.
#
# This file contains the mappings of IP addresses to host names. Each
# entry should be kept on an individual line. The IP address should
# be placed in the first column followed by the corresponding host name.
# The IP address and the host name should be separated by at least one
# space.
#
# Additionally, comments (such as these) may be inserted on individual
# lines or following the machine name denoted by a '#' symbol.
#
# For example:
#
# 102.54.94.97 rhino.acme.com # source server
# 38.25.63.10 x.acme.com # x client host
# localhost name resolution is handled within DNS itself.
# 127.0.0.1 localhost
# ::1 localhost
190.1.1.1 usnconeboxax1aos.cloud.onebox.dynamics.com
