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You can check out this NLB guide http://www.vmware.com/files/pdf/implmenting_ms_network_load_balancing.pdf and http://www.cisco.com/en/US/products/hw/switches/ps708/products_configuration_example09186a0080a07203.shtml for more details. And make sure you set the settings appropriately for unicast and multicast which we have to use the KB for our web servers NLB setings for details http://kb.vmware.com/selfservice/microsites/search.do?language=en_US&cmd=displayKC&externalId=1556
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VMware vExpert 2009
iGeek Systems Inc.
VMware, Citrix, Microsoft Consultant
We add the static ARP entry to the whole Cisco switch. If you can VMotion you NLB VMs to another host that is physically connected to another switch, then this switch should have the ARP entry added as well. We haven't tested configuring only on specified ports. But if you do, make sure that you include all ports connected to physical switch (if for exampel you have four pnics configured in one vSwitch...).
Here's a guide to how we have configured it a number of times in our company.