Ok, I've had a look around and it looks like what I need is vmdirectpath! Is this supported under ESXi 4? I can't try this out until the actual server rebuild unfortunately so sorry for the simple questions!
EDIT
I think I've answered my own question here which mentions PCI devices. Fingers crossed this will work!
Can somebody confirm this is correct? I use VMDirectPath to access the Infortrend RAIDdirectly with my VM and all the data should remain untouched..?