Monitoring a specific node is not a problem for load.  However, there is a nasty bug in IIQ that will corrupt the database if the node goes away while IIQ is running - even if it's for scheduled routine maintenance like a node firmware or OneFS upgrade.  I have SmartConnect on all of my clusters and have both static and dynamic zones.  I then point IIQ to the first address of the dynamic pool.  Don't forget to create the /net data structure for your FSA data if you change IP addresses on a monitored cluster.
Hi   What is the better way for a cluster to be monitored by InsightIQ ? As per EMC recommendation - use smartconnect zone name if it includes CPU load balancing, if not use IP addr of cluster or a specific node. If we use IP addr of a specific node, how much load is generated by IIQ on a single node, any other suggestions ?    Thanks,  Damal 
InsightIQ monitoring