Djess-
Yes you can accomplish this. At least you will be able to have the iSCSI HBA see the iSCSI lun. I can assist you with this. I am using the IBM Bladecenter H with HS21 to SAN boot to a Celerra NS502 with a Clarion Backend.
The problem I am runnng into is the Bladcenter Chassis does not have a Floppy Drive, so when I install Win2K3 and hit F6 to preload some drivers for the iSCSI HBA, there isn't a floppy present. I even went as far as purchasing a External USB 3.5 Floppy, but it doesn't recognize it as a flopyy pre-OS installation.
Frank