I don't know how only one NIC will play in the grand scheme of things, but yes, we use VLANs all of the time here. In fact, all of our ESX hosts have a minimum of 10 dedicated NICs split into two switches, and all of those links are 802.1q trunks. Then we assign port-groups to the 10 pNICs, and assign VLANs there. That all said, we're a Cisco shop here and I'm not intimately familiar with how you would need to set up the Procurves.