Yes, it can be done. I have a 3 host cluster (ESX 4.0) at our main data center that is managed by vSphere (virtual center) running as a vm within that cluster. I have a separate DataCenter setup with a stand-alone ESX 4.0 host that I manage from the main vSphere application. The main data center is on 1 subnet and the stand-alone ESX box is on a different subnet. So, as long as your network/firewall will allow the virtual center to "see" the remote ESX box then it should work just fine. There are many ports that need to be opened up across the WAN for virtual center to be able to manage the ESX hosts...if you look at the security profile of your existing hosts, then you'll see the ports that need to be opened up.
I hard-coded entries in my virtual center hosts file and each of my ESX hosts files so that everything would "know" about each other on the proper network...no DNS required...seems to work pretty well.
You can also add a line into the ESX host config file to control the server/agent IP address.
/etc/opt/vmware/vpxa/vpxa.cfg
If you search for that line in this forum it will tell you more about what needs to be added.
You will notice that if you attempt to open a console from virtual center to one of the remote virtual machines that performance will be somewhat sluggish...well at least it is in my case because my desk is actually at the remote location...I'm sitting next to the remote ESX host and I remote into the virtual center server so my traffic goes up to the main data center and back...just something to think about.
Anyhow, short answer is yes it can be done.
Good luck.
Jay