I can't see any reason why not. The resources are not massive. For the disks you can use RDM to attach to the existing luns. You already know the machine has enough grunt and the overhead of ESX should not cause a problem. The problem will be if you oversubscribe the host its on. Also ensure you OS is on the guest compatibility list.

Also figure out your fail back strategy. If you use RDMs can you give it a go and if there is a problem shutdown the VM, reconnect to LUNs to the physical box and continue on (will be dependant on your systems).