I want to create a datastore on our storage server running windows server 2012 storage server. Would I be able to create an iSCSI connection from our host ESXi servers to this Windows storage server?
this is possible.
You need to install the Server role "iSCSI Target Server" which is located in the in the File and iSCSI Services.
After that you can create a new iSCSI target that you can connect to from the ESXi.
you have also to create an iSCSI Adapter on the esxi server and assign a nic/vmnic to the adapter...
Each server has 4 network adapters that I plan on using. Do I add them all to the iSCSI connection? Also I should be able to move the vm to the storage server leaving the host where it is correct?
have a look at the following pdf http://www.vmware.com/files/pdf/techpaper/vmware-multipathing-configuration-software-iSCSI-port-bind...
this can help you to resolv your problem.