I think you are missing something.
Now the CIFS volumes over the 1 GB NICs is no problem, but in order to host the VM data stores you will have to present that storage to vCenter either as an NFS Export over ethernet or as an iSCSI LUN over the FC. If you already have the FC up and running then the iSCSI part is pretty easy. Create the volumes, set up the LUNs in the volumes, and get your iSCSI identifiers to your vCenter admin. He should be able to rescan for HBAs and see them.
We mostly use NFS for hosting VMs cause it's generally easier and you could get away with doing that over 1GB NICs as well, but you will have to use NFS over ethernet or iSCSI over FCOE or FC.
Someone can correct me if I am wrong and I would welcome it. I would rather be corrected for being incorrect then be wrong over and over again.