Yes, you could indeed do that. In fact this is quite common in testing enviroments, but it is recommended to segment traffic using vlans and keep their management traffic separate from their virtual machine traffic. There are many good reasons for doing this, not least for security purposes.
You could still do this using a single vswitch and set up vlan tagging, but it is preferable to split it out over different vswitch/physical nic.
Regards,
Ian