you are right to keep the iscsi network isolated from your normal lan. I would suggest insisting that any physical server that will have iscsi storage presented has a minimum of 2 physical network ports and ideally these be on seperate network cards, connect and give on an ip address on the normal lan and one (or more) specifically for iscsi traffic on your 192.x lan
I assumed this wouldn't work with two nics on different networks with two different gateways. I know winblows complains when you try to specify two gateways.
This works and additionally I wouldn't configure any gateway for 192.xxx on your server.
For your Physicals you would indeed use two NIC's. One for LAN and One for iSCSI..
For the Equallogics you have options..
Either allow ESX to pick up the iSCSI Array then simply place the .vmdk inside the array..(just need vSwitch with VMkernal and second COS)
Or, use second NICs for your VMs and do similar to the physicals with an iSCSI initaitor, sightly more load on the ESX this way. Your vSwitches would need creating corectly.. by this i mean you need an iSCSI vSwitch, that must include VMkernal, Second COS and VM's..