Hey bthecloud,
I'm not a pro in VMware and i'm sure the guru's will answer your question. But how about this?
Team the NIC's and then for iSCSI put one adapter in active and the other one in standby and for vMotion put the other NIC as active and the iSCSi NIC as standby. that way you will have redundancy and the traffic is segregated.
What do you think?