Have you read over the clustering document for ESXi 4 located at http://www.vmware.com/pdf/vsphere4/r40_u1/vsp_40_u1_mscs.pdf. Page 13 talks about boot from SAN for VM's. I have pasted the text below
MSCS and Booting from a SAN
You can put the boot disk of a virtual machine on a SAN-based VMFS volume.
MSCS is supported in a setup where virtual machines boot from an FC SAN.
Booting from a SAN is complex. Problems that you encounter in physical environments extend to virtual
environments. For general information about booting from a SAN, see the Fibre Channel SAN Configuration
Guide.
Follow these guidelines when you place the boot disk of a virtual machine on a SAN-based VMFS volume:
n Consider the best practices for boot-from-SAN that Microsoft publishes in the following knowledge base
article: http://support.microsoft.com/kb/305547/en-us.
n Use StorPort LSI Logic drivers instead of SCSIport drivers when running Microsoft Cluster Service for
Windows Server 2003 or 2008 guest operating systems.
n Test clustered configurations in different failover scenarios before you put them into production
environments
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