Anthony,
A couple of things you need to know about doing this:
1. Presenting iSCSI LUN using MS iSCSI initiator inside a VM guest (last I checked) is "not supported" by VMware.
2. That being said, I've seen a lot of people do this. You need to know, though, that taking a snapshot of this VM may or may not work as VMware is unaware of the LUN and the operation may timeout.
3. As far as the networking, I would do create a separate port group that has access to your iSCSI network and add a vNIC to your Exchange server in that port group. You do not need an iSCSI vmk vSwitch as you are not presenting the LUN to VMware, but directly to your host.
4. As far as MPIO, if you think your Exchange server will have that much traffic, you can create a separate vSwitch with 2 pNICs on your iSCSI network, use IP hash in etherchannel on the switch and present multiple vNICs to your Exchange server and configure MPIO from inside MS.
Hope this helps.
Jeff