How best to do PGP/GPG key management with Git?

I have parts of my home directory stored in git. In particular, I have my .gnupg/pubring.gpg and .gnupg/trustdb.gpg files in git. This is fine so long as absolutely no branching ever takes place.

My question to you, O lazyweb, is: does a tool exist for merging pubring.gpg etc. in a sensible fashion?

If the answer is “no”, then does a tool exist for exploding the contents of pubring.gpg etc into a directory full of tiny text files which are amenable to standard 3-way-merge?