How does my network configuration look? (i.e. do I understand ESXi networking?)

I have a very small, single server, ESXi 5.1 host and I'm wondering if I have everything correctly configured...

Here's what I have:

vSwitch 0 - virtual machine network

• Two physical NICs
  • NIC Teaming configured for Route based on IP hash
    • LAG configured on physical switch (Dell PowerConnect 2824)

QUESTION: What's the difference between using NIC teaming (LAG group) and just assigning the two physical NICs to my vSwitch and NOT setting up the teaming/LAG group?

vSwitch 1 - management network

• One physical NIC
• Contains VMkernel Port for management traffic

My goal is to have 2x NICs (teamed) for all virtual machine traffic since that's 99% of the traffic, and then use my "extra" NIC for management traffic (i.e. vSphere Client access).

The only "strange" thing I'm doing is that I'm using an "all in one" ESXi box where the ESXi host is also my NFS file server.  More specifically, I have RAID cards passed through to a VM.  This VM hosts NFS storage where my other VMs are stored.  Therefore, I must power up my file server VM and once it is powered on, I can then access my other VMs hosted on it's NFS storage.  Does that make sense?