No there is not. Not even will you have to reboot and change the setting in BIOS, you will also need to completly power cycle (turn off completely and turn on again) the system after enabling the feature in BIOS.
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So it turns out there is a solution for Dell equpiment for Windows and Red Hat Enterprise Linux (and CentOS) hosts. Look for the --virtualization options in the following links.
Dell OpenManage Deployment Toolkit (DTK, for servers): http://support.dell.com/support/edocs/software/dtk/
Dell Client Configuration Toolkit (CCTK, for desktops): http://www.dell.com/content/topics/global.aspx/sitelets/solutions/management/client_mgmt_utilities?c=us&l=en&cs=555
I'm not sure about having to pull the power plug or not (managed PDUs might help here...), but I've verified this does set the appropriate setting in the BIOS. If anyone knows of an HP equivalent, you're my hero.
Also, it would be nice if HP provided documentation for anything that they do. I have been unable to find real documentation for this product even after talking with HP support. Maybe it's just HP's horrible website that hides everything from me and their own employees.
And a big thanks to Dell for documenting everything (seriously).