One final clarification if you don't mind.  In your scenario, would the managment and vMotion IP's be on different IP subnets?

Yes. Generally, separate VLANs should always be associated with distinctly separate IP-subnets. And remember that the vMotion subnet does not need to be routed at all, it can be any private IP address space as long as it doesn't overlap with other vmkernel ports for management for example.

Glad if I was of help.