Having the NIC inspecting incoming frames and potentially diverting them to the management controller sounds like a scary proposition. I'd almost rather just have dedicated Ethernet hardware for the management controller. The decrease in switch ports needed is certainly seductive, but I wonder if it's worth the risk.
(Do you happen to recall which Intel motherboard this bit you on? I was just getting out of whitebox Intel motherboard-based server builds about the time you're describing, but I'm just curious if only for the nostalgia.)