Hi phlight,
Welcome aboard!
You are going to need 2, possibly 3, volumes from your iSCSI SAN to make this work if I am reading correctly...
potential volume 1 - You are going to potentially need to have a volume (datastore) for your VM(s), your W2k8 server. If you are going to add a second ESX server, putting the VMs on the shared SCSI storage would do you good up front. This would give a ton more agility in your environment and some of the more advanced feature when you add a second ESX box. Obviously, you could move these at a later date.
volume 2/3 - These are the volumes with your file shares... You have two great answers above. Either use RDM or the MS initiator built into server. You should be good either way here.
-CM