Sure, as long as everything is configured correctly and you trust the network stack on the host connected to the trunk port. I use a similar configuration on m

Sure, as long as everything is configured correctly and you trust the network stack on the host connected to the trunk port. I use a similar configuration on my three ESXi hosts, with a pair of Ethernet ports on each host LACP bonded to a trunk port channel on the physical switch, a separate port group per VLAN on the virtual switches, and all L3 features disabled on the physical switch, so traffic only passes between VLANs through a dedicated router VM with strict firewall rules in place. Works great.