I sure appreciate t he replies, everyone.
If you statically map a specific ESXi host PCI slot (with HBA) to a VM, this caveat applies:
While VMDirectPath I/O can improve performance of a virtual machine, enabling it makes several important features of vSphere unavailable to the virtual machine, such as Suspend and Resume, Snapshots, Fault Tolerance, and vMotion.
That notation is followed by a dizzying array of host and PCI requirements that must be met. In short, this will only work if Venus, Mercury, and Mars align perfectly.
By the time you go to all that trouble, it would probably be easier/better to simply stand up a couple of physical machines to act as dedicated FC transport proxies.
It sure would be nice if VMware could get around to truly virtualizing a FC HBA like they do with NICs and SCSI adapters.