Hi,
For me in your configuration, the best way is to configure one vswitch with 2 port Group.
Network Configuration :
vswitch0 : 2 nics : vmnic0 and vmnic1
Port Group : "MGMT" : Configuration : vmkernel for management : vmnic0 active and vmnic1 standby
Port Group : "VM" : Configuration : Virtual Machine : vmnic 1 active and vmnic0 standby.
So, you will split your traffic but in case of failure you will be you have a redundancy.
Regards,
Julien.