Yes.  Though instead of setting the IP address of the Virtual NICs, I tend to use the Initiator name of the server.  Makes it easier to figure out later what volumes go with what VM.  MS calls it the "node name" in the iSCSI initiator program.  If possible provide dedicated physical NICs for this guest traffic.  
Hi All, I need to connect my guest SQL VM to my EQL. I have created a volume on the EQL (Raid 50) for my SQL Data & Logs. I have 2 dedicated NICs for iSCSI on my host. To connect the guest to the EQL, I assume I would do the folllowing. Create two new external network adaptors in Virtual Switch Mananger. Point each one to the respective iSCSI pNIC on the host. Check allow management and apply. On the guest, set the IP to the EQL subnet on each vNIC. First time doing this and want to make sure I am doing it right. Thanks!! 
PS6100 Connection to Hyper-V Guest