You can modify the swapfile location in the cluster configuration, and when guests are moved between hosts, the swapfile will move from being stored with the VM to being stored on the alternate location.
This does not require the guest to be powered off, and it doesn't require any special changes to the cluster, other than the swapfile setting.
Jase McCarty
http://www.jasemccarty.com
Co-Author of VMware ESX Essentials in the Virtual Data Center
(ISBN:1420070274) from Auerbach
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