Installing Server manager on the exchange server shouldn't be a problem. It will give you the ability to monitor your hardware and access to the logs.
I have a predicted failure on one of the drives, I understand the best route is to use Server manager to offline the drive and hot swap it. Is anyone familiar if open server manager plays nice on an exchange 2010 server (2008 R2)?    
poweredge 620 Predicted Failure, Exchange 2010 with Dell OMSa?