Even if you could get it to work, I suspect you'd have poor performance. I had a 39160 (dual channel version of the 29160) and got horrible thoughput to a HP 920 LTO3 drive. I replaced it with a 29320LPE (Ultra 320 instead of 160, and PCIe instead of PCI) and got a more acceptable 600MB/min instead of 4MB/Min, (Yes, FOUR (4) MB!)
I'm running ESX4u1 on a HP DL385 G5 with the 29320 and the LTO3 drive. (The 39160 was on a different host.) I don't know if your ML370 has PCIe slots, but if it does, then there is a very good chance that the 29320 will work. Otherwise, get something on the HCL.