The SAN has a 5 TB generic iscsi data store. It is presented with 3 - 1.6 TB LUNS, which are the 3 spanned dynamic disks on the file server. See attached image.
So, as your last statement said, I should be able to creat a new VM (or use converter but not replicate the SAN drive), create a GPT disk, and configure the iscsi initiator and be good to go?